0001140361-22-008768 | 10-K | XBRL Viewer

[1]	Refer to Note 14 in these annual consolidated financial statements.
[2]	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted OID, PIK and loan origination costs.

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)

Dec. 31, 2021

Dec. 31, 2020

Assets

Loans held for investment at cost

^[1]

$ 74,913,157

$ 46,994,711

Debt securities available for sale at cost

$ 16,050,000

^[2]

$ 0

Shareholders' Equity

Preferred stock, par value (in dollars per share)

$ 0.01

Preferred stock, shares authorized (in shares)

10,000

Preferred stock, shares issued (in shares)

125

Preferred stock, shares outstanding (in shares)

125

Common stock, par value (in dollars per share)

$ 0.01

Common stock, shares authorized (in shares)

25,000,000

15,000,000

Common stock, shares issued (in shares)

16,442,812

6,179,392

Common stock, shares outstanding (in shares)

16,442,812

6,179,392

[1]	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of OID, PIK and loan origination costs.
[2]	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted purchase premium and loan origination costs.

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	5 Months Ended	12 Months Ended
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	Dec. 31, 2020	Dec. 31, 2021
Revenue
Interest income	$ 5,250,108	$ 38,140,487
Interest expense	0	1,126,846
Net interest income	5,250,108	37,013,641
Expenses
Management and incentive fees, net (less rebate of $1,029,315 and $259,167, respectively)	364,194	8,321,512
General and administrative expenses	785,016	3,212,785
Organizational expenses	616,190	0
Stock-based compensation	0	1,745,872
Professional fees	614,019	1,118,291
Total expenses	2,379,419	14,398,460
Provision for current expected credit losses	(465,397)	(2,649,338)
Realized gains (losses) on loans at fair value, net	345,000	450,000
Change in unrealized gains (losses) on loans at fair value, net	1,563,340	619,821
Net income before income taxes	4,313,632	21,035,664
Income tax expense	0	35,167
Net income	$ 4,313,632	$ 21,000,497
Earnings per common share:
Basic earnings per common share (in dollars per share)	$ 0.76	$ 1.57
Diluted earnings per common share (in dollars per share)	$ 0.76	$ 1.52
Weighted average number of common shares outstanding:
Basic weighted average shares of common stock outstanding (in shares)	5,694,475	13,373,778
Diluted weighted average shares of common stock outstanding (in shares)	5,694,475	13,808,845

CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($)	5 Months Ended	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2021
Expenses
Management fee, net rebate	$ 259,167	$ 1,029,315

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)	5 Months Ended	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2021
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract]
Net income	$ 4,313,632	$ 21,000,497
Other comprehensive (loss) income:
Unrealized (losses) gains on debt securities available for sale held at fair value	0	(168,750)
Total other comprehensive (loss) income	0	(168,750)
Total comprehensive income	$ 4,313,632	$ 20,831,747

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($)	Preferred Stock [Member]	Common Stock [Member]	Additional Paid-In-Capital [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Accumulated Earnings (Deficit) [Member]	Total
Balance at Jul. 30, 2020	$ 0	$ 0	$ 0		$ 0	$ 0
Balance (in shares) at Jul. 30, 2020		0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock, net of offering cost	0	$ 61,794	90,967,139		0	91,028,933
Issuance of common stock, net of offering cost (in shares)		6,179,392
Issuance of preferred stock, net of offering cost	1	$ 0	101,058		0	101,059
Issuance of preferred stock, net of offering cost (in shares)		0
Dividends declared on common shares	0	$ 0	0		(3,795,912)	(3,795,912)
Other comprehensive income (loss)						0
Net income	0	0	0		4,313,632	4,313,632
Balance at Dec. 31, 2020	1	$ 61,794	91,068,197	$ 0	517,720	91,647,712
Balance (in shares) at Dec. 31, 2020		6,179,392
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock, net of offering cost	0	$ 102,072	181,358,865	0	0	181,460,937
Issuance of common stock, net of offering cost (in shares)		10,207,135
Stock-based compensation	0	$ 0	1,745,872	0	0	1,745,872
Stock-based compensation (in shares)		56,285
Dividends declared on common shares	0	$ 0	0	0	(22,596,094)	(22,596,094)
Dividends declared on preferred shares	0	0	0	0	(15,000)	(15,000)
Other comprehensive income (loss)	0	0	0	(168,750)	0	(168,750)
Net income	0	0	0	0	21,000,497	21,000,497
Balance at Dec. 31, 2021	$ 1	$ 163,866	$ 274,172,934	$ (168,750)	$ (1,092,877)	$ 273,075,174
Balance (in shares) at Dec. 31, 2021		16,442,812

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical)	12 Months Ended
	Dec. 31, 2021 $ / shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared and paid on common shares (in dollars per share)	$ 1.67
Dividends declared and paid on preferred shares (in dollars per share)	$ 120

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	5 Months Ended	12 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	Dec. 31, 2020	Dec. 31, 2021
Operating activities:
Net income	$ 4,313,632	$ 21,000,497
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Provision for current expected credit losses	465,397	2,649,338
Realized gain on sale of loans, net	(345,000)	(450,000)
Change in unrealized (gains) losses on loans carried at fair value, net	(1,563,340)	(619,821)
Accretion of deferred loan original issue discount and other discounts	(783,481)	(5,584,311)
Amortization of deferred financing costs - revolving credit facility	0	32,855
Amortization of offering costs - senior notes	0	102,151
Stock-based compensation	0	1,745,872
PIK interest	(422,408)	(4,534,370)
Changes in operating assets and liabilities
Interest reserve	(74,250)	(5,993,947)
Interest receivable	(927,292)	(3,485,646)
Prepaid expenses and other assets	(72,095)	(877,184)
Accrued interest	0	991,840
Accrued management and incentive fees, net	222,127	2,600,917
Accrued direct administrative expenses	550,671	773,786
Accounts payable and other liabilities	154,895	1,186,585
Net cash provided by (used in) operating activities	1,518,856	9,538,562
Cash flows from investing activities:
Issuance of and fundings on loans	(46,769,285)	(272,583,787)
Proceeds from sales of Assigned Rights	1,649,468	2,313,130
Principal repayment of loans	5,348,542	22,412,569
Proceeds from sales of loans	7,345,000	15,450,000
Purchase of available-for-sale debt securities	0	(16,050,000)
Net cash provided by (used in) investing activities	(32,426,275)	(248,458,088)
Cash flows from financing activities:
Proceeds from sale of common stock	44,226,092	185,501,294
Payment of offering costs - equity offering	0	(4,040,357)
Payments of financing costs - senior notes	0	(3,529,495)
Issuance of senior notes	0	100,000,000
Borrowings on the revolving credit facility	0	75,000,000
Dividends paid to common and preferred stockholders	(3,694,853)	(14,389,688)
Net cash provided by (used in) financing activities	40,531,239	338,541,754
Net increase (decrease) in cash and cash equivalents	9,623,820	99,622,228
Cash and cash equivalents, beginning of period	0	9,623,820
Cash and cash equivalents, end of period	9,623,820	109,246,048
Supplemental disclosure of non-cash activity
Loans acquired for issuance of shares of common stock	46,802,841	0
Interest reserve withheld from funding of loans	1,400,000	9,450,468
OID withheld from funding of loans	320,000	15,021,624
Change in other comprehensive income (loss) during the period	0	(168,750)
Dividends declared and not yet paid	0	8,221,406
Supplemental information:
Interest paid during the period	0	0
Income taxes paid during the period	$ 0	$ 35,167

ORGANIZATION

12 Months Ended

Dec. 31, 2021

ORGANIZATION [Abstract]

ORGANIZATION

1.	ORGANIZATION

AFC Gamma, Inc. (the “Company” or “AFCG”) is a commercial real estate finance company primarily engaged in originating, structuring, and underwriting senior secured loans and other types of loans. The Company was formed and commenced operations on July 31, 2020. The Company is a Maryland corporation and completed its initial public offering (the “IPO”) in March 2021. The Company is externally managed by AFC Management, LLC (the Company’s “Manager”), a Delaware limited liability company, pursuant to the terms of a management agreement (as amended, the “Management Agreement”). The Company’s wholly owned subsidiary, AFCG TRS1, LLC (“TRS”), was formed under the laws of the State of Delaware on December 31, 2020, and operates as a taxable real estate investment trust (“REIT”) subsidiary. TRS began operating in July 2021, and the financial statements of TRS have been consolidated within the Company’s consolidated financial statements beginning with the quarter ended September 30, 2021.

The Company operates as one operating segment and is primarily focused on financing senior secured loans and other types of loans for established cannabis industry operators in states where medical and/or adult use cannabis is legal. These loans are generally held for investment and are secured, directly or indirectly, by real estate, equipment, the value associated with licenses and/or other assets of borrowers depending on the applicable laws and regulations governing such borrowers.

The Company has elected to be taxed as a REIT for United States federal income tax purposes under the Internal Revenue Code of 1986, as amended (the “Code”), commencing with its taxable year ended December 31, 2020. The Company generally will not be subject to United States federal income taxes on its REIT taxable income as long as it annually distributes all of its REIT taxable income prior to the deduction for dividends paid to stockholders and complies with various other requirements as a REIT.

SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2021

SIGNIFICANT ACCOUNTING POLICIES [Abstract]

SIGNIFICANT ACCOUNTING POLICIES

2.	SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying consolidated financial statements have been prepared on the accrual basis of accounting in conformity with United States generally accepted accounting principles (“GAAP”). The financial statements reflect all adjustments that, in the opinion of management, are necessary for the fair presentation of the Company’s results of operations and financial condition as of and for the periods presented.

Cash, Cash Equivalents and Restricted Cash

Cash and cash equivalents include funds on deposit with financial institutions, including demand deposits with financial institutions. Cash and short-term investments with an original maturity of three months or less when acquired are considered cash and cash equivalents for the purpose of the consolidated balance sheets and consolidated statements of cash flows.

Restricted cash includes deposits required under certain Secured Funding Agreements. As of the balance sheet date, the Company did not have any restricted cash.

Concentration of Credit Risks

Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents, loans and interest receivable. The Company places its cash and cash equivalents with financial institutions, and, at times, cash held exceeds the Federal Deposit Insurance Corporation insured limit. The Company and the Company’s Manager seek to manage this credit risk by monitoring the financial institutions and their ability to continue in business for the foreseeable future.

The Company has exposure to credit risk on its loans and interest receivable. The Company and the Company’s Manager seek to manage credit risk by performing due diligence prior to origination or acquisition and through the use of non-recourse financing, when and where available and appropriate.

Investments in Loans

The Company originates commercial real estate (“CRE”) debt and related instruments generally to be held for investment.

The Company accretes or amortizes any discounts or premiums on loans held for investment over the life of the related loan held for investment utilizing the effective interest method.

Loans are generally collateralized by real estate, equipment, licenses and/or other assets of borrowers. The extent of any credit deterioration associated with the performance and/or value of the underlying collateral property and the financial and operating capability of the borrower could impact the expected amounts received. The Company monitors performance of its portfolio of loans held for investment under the following methodology: (1) borrower review, which analyzes the borrower’s ability to execute on its original business plan, reviews its financial condition, assesses pending litigation and considers its general level of responsiveness and cooperation; (2) economic review, which considers underlying collateral (i.e., leasing performance, unit sales and cash flow of the collateral and its ability to cover debt service, as well as the residual loan balance at maturity); (3) property review, which considers current environmental risks, changes in insurance costs or coverage, current site visibility, capital expenditures and market perception; and (4) market review, which analyzes the collateral from a supply and demand perspective of similar property types, as well as from a capital markets perspective.

Loans are generally placed on non-accrual status when principal or interest payments are past due 30 days or more or when there is reasonable doubt that principal or interest will be collected in full. Accrued and unpaid interest is generally reversed against interest income in the period the loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding the borrower’s ability to make pending principal and interest payments. Non-accrual loans are restored to accrual status when past due principal and interest are paid and, in management’s judgment, are likely to remain current. The Company may make exceptions to placing a loan on non-accrual status if the loan has sufficient collateral value and is in the process of collection.

The Company may make modifications to loans, including loans that are in default. Loan terms that may be modified include interest rates, required prepayments, maturity dates, covenants, principal amounts and other loan terms. The terms and conditions of each modification vary based on individual circumstances and will be determined on a case-by-case basis. The Company’s Manager monitors and evaluates each of the Company’s loans held for investment and has maintained regular communications with borrowers regarding the potential impacts of the COVID-19 pandemic on the Company’s loans.

Loans Held at Fair Value

Investments in loans at fair value are carried at fair value in the Company’s consolidated balance sheets, with changes in fair value recorded through earnings. Refer to Note 14 for more information on the valuations of the investments.

Although the Company generally holds its target investments as long-term investments, the Company may occasionally classify some of its loans as held for sale. Investments held for sale are carried at fair value, with changes in fair value recorded through earnings. Investment transactions are recorded on the trade date at cost, net of any original issue discounts. Realized gains or losses are measured by the difference between the net proceeds from the repayment or sale and the amortized and/or accreted cost basis of the investment using the specific identification method without regard to unrealized gains or losses previously recognized, and include investments charged off during the period, net of recoveries.

An unrealized gain arises when the value of the loan portfolio exceeds its cost and an unrealized loss arises when the value of the loan portfolio is less than its cost. The change in unrealized gains or losses primarily reflect the change in loan values, including the reversal of previously recorded unrealized gains or losses when gains or losses are realized.

Loans Held at Carrying Value

Investments in loans held at amortized cost are carried at cost, net of unamortized loan original issue discount and origination costs and other original issue discounts (the “carrying value”) in the Company’s consolidated balance sheets.

The Company follows Accounting Standards Codification (“ASC”) 842 for certain loans which are considered financial assets not eligible to elect the fair value option due to the structure of the loans. These loans are carried at cost, net of unamortized loan original issue discount and origination costs and other original issue discounts (the “carrying value”) in the Company’s consolidated balance sheets.

Investment in Marketable Securities

Investment in marketable securities of $15.9 million and $0.0 million at December 31, 2021 and 2020, respectively, consists of debt securities that are designated as available-for-sale. Marketable debt securities are recorded at fair value and unrealized holding gains or losses are excluded from net income on the consolidated income statement and reported as a component of accumulated other comprehensive income within shareholders’ equity.

Fair Value Measurements

The Company follows ASC 825-10, Recognition and Measurement of Financial Assets and Financial Liabilities (“ASC 825-10”), which provides companies the option to report selected financial assets and liabilities at fair value. ASC 825-10 also establishes presentation and disclosure requirements designed to facilitate comparisons between companies that choose different measurement attributes for similar types of assets and liabilities and to more easily understand the effect of the company’s choice to use fair value on its earnings. ASC 825-10 also requires entities to display the fair value of the selected assets and liabilities on the face of the balance sheet. The Company has elected the ASC 825-10 option to report selected financial assets and liabilities at fair value. With the exception of the line items entitled “prepaid expenses and other assets,” “loans receivable” and “interest reserve”, which are reported at amortized cost, all assets and liabilities approximate fair value on the consolidated balance sheets. The carrying value of the lines titled “interest receivable,” “accrued management fees,” “accrued direct administrative expenses” and “accounts payable and other liabilities” approximate fair value due to their short maturity.

The Company also follows ASC 820-10, Fair Value Measurements Overall (“ASC 820-10”), which expands the application of fair value accounting. ASC 820-10 defines fair value, establishes a framework for measuring fair value in accordance with GAAP and expands disclosure of fair value measurements. ASC 820-10 determines fair value to be the price that would be received for an investment in a current sale, which assumes an orderly transaction between market participants on the measurement date. ASC 820-10 requires the Company to assume that the transaction is sold in its principal market to market participants or, in the absence of a principal market, the most advantageous market, which may be a hypothetical market. Market participants are defined as buyers and sellers in the principal or most advantageous market that are independent, knowledgeable, and willing and able to transact. In accordance with ASC 820-10, the Company has considered its principal market as the market in which the Company exits its loans with the greatest volume and level of activity. ASC 820-10 specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. In accordance with ASC 820-10, these inputs are summarized in the three broad levels listed below:

●

Level 1—Valuations based on quoted prices in active markets for identical assets or liabilities that the Company has the ability to access.

●

Level 2—Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.

●

Level 3—Valuations based on inputs that are unobservable and significant to the overall fair value measurement.

If inputs used to measure fair value fall into different levels of the fair value hierarchy, a loan’s level is based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the loan. This includes loans that are valued using “bid” and “ask” prices obtained from independent third-party pricing services or directly from brokers.

Financial instruments with readily available quoted prices generally will have a higher degree of market price observability and a lesser degree of judgment inherent in measuring fair value. As such, the Company obtains and analyzes readily available market quotations provided by pricing vendors and brokers for all of the Company’s loans for which quotations are available. In determining the fair value of a particular loan, pricing vendors and brokers use observable market information, including both binding and non-binding indicative quotations.

GAAP requires disclosure of fair value information about financial and nonfinancial assets and liabilities, whether or not recognized in the financial statements, for which it is practical to estimate the value. In cases where quoted market prices are not available, fair values are based upon the application of discount rates to estimated future cash flows using market yields, or other valuation methodologies. Any changes to the valuation methodology will be reviewed by the Company’s management to ensure the changes are appropriate. The methods used may produce a fair value calculation that is not indicative of net realizable value or reflective of future fair values. Furthermore, while the Company anticipates that the valuation methods are appropriate and consistent with other market participants, the use of different methodologies, or assumptions, to determine the fair value of certain financial and nonfinancial assets and liabilities could result in a different estimate of fair value at the reporting date. The Company uses inputs that are current as of the measurement date, which may fall within periods of market dislocation, during which price transparency may be reduced.

Current Expected Credit Losses

In June 2016, the FASB issued Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The standard replaced the incurred loss impairment methodology pursuant to GAAP with a methodology that reflects current expected credit losses (“CECL”) on both the outstanding balances and unfunded commitments on loans held for investment and requires consideration of a broader range of historical experience adjusted for current conditions and reasonable and supportable forecast information to inform credit loss estimates (the “CECL Reserve”). ASU No. 2016-13 was adopted by the Company on as of July 31, 2020, commencement of operations. Subsequent period increases and decreases to expected credit losses impact earnings and are recorded within provision for current expected credit losses in the Company’s consolidated statements of operations. The CECL Reserve related to outstanding balances on loans held for investment required under ASU No. 2016-13 is a valuation account that is deducted from the amortized cost basis of the Company’s loans held at carrying value and loans receivable at carrying value in the Company’s consolidated balance sheets. The CECL Reserve related to unfunded commitments on loans held at carrying value is recorded within the current expected credit loss reserve financial statement line in the Company’s balance sheet. See Note 6 included in these consolidated financial statements for CECL related disclosures.

Equity-Based Compensation

The Company accounts for equity-based compensation issued to employees and the Board of Directors pursuant to the Amended and Restated Stock Incentive Plan (the “Stock Incentive Plan”) under the fair value method. This method measures compensation cost at the date of grant based on the value of the award and recognizes the cost over the service period, which is usually the vesting period. The fair value of equity-based compensation awards is based on the estimated fair value of the Company’s common stock, as determined by management using a valuation model and approved by the Board of Directors. Fair values of award grants also recognize any ongoing restrictions on the sale of securities.

Debt Issuance Costs

Debt issuance costs under the Company’s indebtedness are capitalized and amortized over the term of the respective debt instrument. Unamortized debt issuance costs are expensed when the associated debt is repaid prior to maturity. Amortization of debt issuance costs is included within interest expense in the Company’s consolidated statements of operations. The unamortized balance for both the senior notes and the line of credit are included within Senior Notes Payable and Line of Credit Payable, respectively, in these consolidated financial statements. See Note 9 included in these consolidated financial statements for further consideration.

Payment-in-Kind Interest

The Company has loans in its portfolio that contain payment-in-kind (“PIK”) provisions. The PIK interest computed at the contractual rate specified in each applicable agreement, is accrued and added to the principal balance of the loan monthly in arrears and recorded as interest income. The PIK income added to the principal balance is generally collected upon repayment of the outstanding principal. To maintain the Company’s status as a REIT, this non-cash source of income must be paid out to stockholders in the form of dividends for the year earned, even though the Company has not yet collected the cash.

Revenue Recognition

Interest income from loans is accrued based on the outstanding principal amount and the contractual terms of each loan. For loans, origination fees, direct loan origination costs, and other discounts (in aggregate the “Original Issue Discount” or “OID”) are also recognized in interest income from loans over the initial loan term as a yield adjustment using the effective interest method. Delayed draw loans earn interest or unused fees on the undrawn portion of the loan, which is recognized as interest income in the period earned. Other fees, including prepayment fees and exit fees, are recognized as interest income when received.

Interest reserves

The Company utilizes interest reserves on certain loans to fund the interest payments. Such reserves are established at the time of loan origination. The interest reserve represents a deposit received from the borrower for future loan interest payments. It is recorded as a liability as it represents unearned interest revenue. The interest reserve is relieved when the interest on the loan is earned and interest income is recorded in the period when the interest is earned in accordance with the credit agreement. The interest payment is deducted from the interest reserve deposit balance when the interest payment is due.

The decision to establish a loan-funded interest reserve is made during the underwriting process and considers the feasibility of the project, the creditworthiness and expertise of the borrower, and the debt coverage provided by the real estate and other pledged collateral.

It is the Company’s policy to recognize income for this interest component as long as the borrower is progressing as originally projected and if there has been no deterioration in the financial standing of the borrower or the underlying project. The Company’s standard policies for interest income recognition are applied to all loans, including those with interest reserves.

Income Taxes

The Company is a Maryland corporation and will elect to be taxed as a REIT under the Code, commencing with its taxable year ending December 31, 2020. The Company believes that its proposed method of operation will enable it to qualify as a REIT. However, no assurances can be given that the Company’s beliefs or expectations will be fulfilled, since qualification as a REIT depends on the Company satisfying numerous asset, income and distribution tests which depends, in part, on the Company’s operating results.

To qualify as a REIT, the Company must meet a number of organizational and operational requirements. Those qualification tests involve the percentage of income that the Company earns from specified sources, the percentage of the Company’s assets that fall within specified categories, the diversity of the ownership of the Company’s shares, and the percentage of the Company’s taxable income that the Company distributes. The Company is required to distribute annually to its stockholders at least 90% of the Company’s REIT taxable income prior to the deduction for dividends paid. To the extent that the Company distributes less than 100% of its REIT taxable income in any tax year (taking into account any distributions made in a subsequent tax year under Sections 857(b)(9) or 858 of the Code), the Company will pay tax at regular corporate rates on that undistributed portion. Furthermore, the Company will be subject to a 4% nondeductible excise tax on any amount by which distributions the Company pays with respect to any calendar year (including any distributions declared by the last day of the calendar year but paid in the subsequent year) are less than the sum of (1) 85% of our ordinary income, (2) 95% of our capital gain net income and (3) 100% of our undistributed income from prior years. The annual expense is calculated in accordance with applicable tax regulations. Excise tax expense is included in the financial statement line item income tax expense.

FASB ASC Topic 740, Income Taxes (“ASC 740”), prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. ASC 740 also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. The Company has analyzed its various federal and state filing positions and believes that its income tax filing positions and deductions are well documented and supported as of December 31, 2021. Based on the Company’s evaluation, there is no reserve for any uncertain income tax positions. Accrued interest and penalties, if any, are included within other liabilities in the consolidated balance sheets.

Earnings per Share

The Company calculates basic earnings (loss) per share by dividing net income (loss) allocable to common stockholders for the period by the weighted average shares of common stock outstanding for that period after consideration of the earnings (loss) allocated to the Company’s restricted stock, which are participating securities as defined in GAAP. Diluted earnings (loss) per share takes into effect any dilutive instruments, such as stock options, restricted stock, restricted stock units (“RSUs”) and convertible debt, except when doing so would be anti-dilutive. As of December 31, 2021, there were dilutive instruments relating to stock options and restricted shares. See Note 11 included in these financial statements for the earnings per share calculations.

Use of Estimates in the Preparation of Financial Statements

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Actual results could differ from those estimates. Significant estimates include the valuation of loans held for investment at fair value.

Over the course of the coronavirus (“COVID-19”) pandemic, medical cannabis companies have been deemed “essential” by almost all states with legalized cannabis and stay-at-home orders. Consequently, the impact of the COVID-19 pandemic and the related regulatory and private sector response on our financial and operating results for the year ended December 31, 2021 was somewhat mitigated as all of our borrowers were permitted to continue to operate during this pandemic. Regardless, the full extent of the economic impact of the business disruptions caused by COVID-19 is uncertain. The outbreak of COVID-19 has severely impacted global economic activity and caused significant volatility and negative pressure in financial markets. The global impact of the outbreak has been rapidly evolving, and many countries, including the United States, have reacted by instituting quarantines, mandating business and school closures and restricting travel. As a result, the COVID-19 pandemic is negatively impacting almost every industry directly or indirectly, including the regulated cannabis industry. Although most of these measures have been lifted or scaled back, surges of COVID-19 in certain parts of the world, including the United States, have resulted and may in the future result in the re-imposition of certain restrictions and may lead to more restrictions to reduce the spread of COVID-19. The full effect that these disruptions may have on the operations and financial performance of the Company will depend on future developments, including possible impacts on the performance of the Company’s loans, general business activity, and ability to generate revenue, which cannot be determined.

Recent Accounting Pronouncements

In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts, hedging relationships, and other transactions that reference the London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued because of reference rate reform. ASU No. 2020-04 is effective for all entities as of March 12, 2020 through December 31, 2022. The Company does not believe the adoption of this ASU will have a material impact on its financial statements.

In January 2021, the FASB issued ASU No. 2021-01, Reference Rate Reform (Topic 848): Scope, which clarifies that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. ASU No. 2021-01 is effective immediately for all entities. An entity may elect to apply the amendments on a full retrospective basis as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or on a prospective basis to new modifications from any date within an interim period that includes or is subsequent to the date of the issuance of a final Update, up to the date that financial statements are available to be issued. If an entity elects to apply any of the amendments for an eligible hedging relationship, any adjustments as a result of those elections must be reflected as of the date the entity applies the election. The do not apply to contract modifications made after December 31, 2022, new hedging relationships entered into after December 31, 2022, and existing hedging relationships evaluated for effectiveness in periods after December 31, 2022, except for hedging relationships existing as of December 31, 2022, that apply certain optional expedients in which the accounting effects are recorded through the end of the hedging relationship (including periods after December 31, 2022). The Company is currently evaluating the impact, if any, of this ASU on its financial statements.

LOANS HELD FOR INVESTMENT AT FAIR VALUE

12 Months Ended

Dec. 31, 2021

LOANS HELD FOR INVESTMENT AT FAIR VALUE [Abstract]

LOANS HELD FOR INVESTMENT AT FAIR VALUE

3.	LOANS HELD FOR INVESTMENT AT FAIR VALUE

As of December 31, 2021 and December 31, 2020, the Company’s portfolio included three and four loans held at fair value, respectively. The aggregate originated commitment under these loans was approximately $75.9 million and $59.9 million, respectively, and outstanding principal was approximately $77.6 million and $50.8 million, as of December 31, 2021 and 2020, respectively. For the year ended December 31, 2021, the Company funded approximately $37.7 million of outstanding principal and had repayments of approximately $13.1 million. As of December 31, 2021 and 2020, 0.0% and approximately 6.0%, respectively, of the Company’s loans held at fair value have floating interest rates. As of December 31, 2020, these floating rates were subject to LIBOR floors, with a weighted average floor of 2.5%, calculated based on loans with LIBOR floors. References to LIBOR or “L” are to 30-day LIBOR (unless otherwise specifically stated).

The following tables summarize the Company’s loans held at fair value as of December 31, 2021 and 2020:

	As of December 31, 2021
	Fair Value ⁽²⁾		Carrying Value ⁽¹⁾		Outstanding Principal ⁽¹⁾		Weighted Average Remaining Life (Years) ⁽³⁾

Senior Term Loans	$	77,096,319	$	74,913,157	$	77,630,742		2.2
Total loans held at fair value	$	77,096,319	$	74,913,157	$	77,630,742		2.2

	As of December 31, 2020
	Fair Value ⁽²⁾		Carrying Value ⁽¹⁾		Outstanding Principal ⁽¹⁾		Weighted Average Remaining Life (Years) ⁽³⁾

Senior Term Loans	$	48,558,051	$	46,994,711	$	50,831,235		3.3
Total loans held at fair value	$	48,558,051	$	46,994,711	$	50,831,235		3.3

(1)	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of OID, PIK and loan origination costs.

(2)	Refer to Note 14 in these annual consolidated financial statements.

(3)	Weighted average remaining life is calculated based on the fair value of the loans as of December 31, 2021 and December 31, 2020.

The following table presents changes in loans held at fair value as of and for the year ended December 31, 2021:

	Principal			Original Issue Discount			Unrealized Gains (Losses)		Fair Value

Total loans held at fair value at December 31, 2020	$	50,831,235		$	(3,836,524	)	$	1,563,340	$	48,558,051
Change in unrealized gains (losses) on loans at fair value, net		—			—			619,821		619,821
New fundings		37,701,104			(1,130,623	)		—		36,570,481
Loan repayments		(12,000,000	)		—			—		(12,000,000	)
Loan amortization payments		(1,093,659	)		—			—		(1,093,659	)
Accretion of original issue discount		—			2,249,563			—		2,249,563
PIK interest		2,192,062			—			—		2,192,062
Total loans held at fair value at December 31, 2021	$	77,630,742		$	(2,717,584	)	$	2,183,161	$	77,096,319

The following table presents changes in loans held at fair value as of and for the period from July 31, 2020 (commencement of operations) to December 31, 2020:

	Principal			Original Issue Discount			Fair Value
Loans acquired at July 31, 2020	$	46,080,605		$	(2,974,054	)	$	43,106,551
Realized gains (losses) on loans at fair value, net		345,000			—			345,000
Change in unrealized gains (losses) on loans at fair value, net		—			—			1,563,340
New fundings		16,360,000			(1,595,199	)		14,764,801
Loan repayments		(5,000,000	)		—			(5,000,000	)
Sale of loans		(7,345,000	)		—			(7,345,000	)
Accretion of original issue discount		—			732,729			732,729
PIK interest		390,630			—			390,630
Total loans held at fair value at December 31, 2020	$	50,831,235		$	(3,836,524	)	$	48,558,051

A more detailed listing of the Company’s loans held at fair value portfolio based on information available as of December 31, 2021 is as follows:

	Collateral Location	Collateral Type ⁽⁸⁾		Fair Value ⁽²⁾		Carrying Value ⁽¹⁾		Outstanding Principal ⁽¹⁾		Interest Rate				Maturity Date ⁽³⁾	Payment Terms ⁽⁴⁾

Private Co. A	AZ, MI, MD, MA		C ,D	$	63,523,503	$	61,629,048	$	63,918,855		16.4	%	⁽⁵⁾	5/8/2024		P/I
Public Co. A	NV		C		2,919,420		2,940,000		2,940,000		14.0	%	⁽⁶⁾	1/26/2023		I/O
Private Co. B	MI		C		10,653,396		10,344,109		10,771,887		17.0	%	⁽⁷⁾	9/1/2023		P/I
Total loans held at fair value				$	77,096,319	$	74,913,157	$	77,630,742

(1)	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of OID, PIK and loan origination costs.

(2)	Refer to Note 14 in these annual consolidated financial statements.

(3)

Certain loans are subject to contractual extension options and may be subject to performance based or other conditions as stipulated in the loan agreement. Actual maturities may differ from contractual maturities stated herein as certain borrowers may have the right to prepay with or without paying a prepayment penalty. The Company may also extend contractual maturities and amend other terms of the loans in connection with loan modifications.

(4)	I/O = interest-only, P/I = principal and interest. P/I loans may include interest-only periods for a portion of the loan term.

(5)	Base interest rate of 13% and payment-in-kind (“PIK”) interest rate of 3.4%.

(6)	Base interest rate of 12% and PIK interest rate of 2%.

(7)	Base interest rate of 13% and PIK interest rate of 4%.

(8)	C = Cultivation Facilities, D = Dispensaries.

LOANS HELD FOR INVESTMENT AT CARRYING VALUE

12 Months Ended

Dec. 31, 2021

LOANS HELD FOR INVESTMENT AT CARRYING VALUE [Abstract]

LOANS HELD FOR INVESTMENT AT CARRYING VALUE

4.	LOANS HELD FOR INVESTMENT AT CARRYING VALUE

As of December 31, 2021 and 2020, the Company’s portfolio included twelve and three loans, respectively, held at carrying value. The aggregate originated commitment under these loans was approximately $324.3 million and $44.0 million, respectively, and outstanding principal was approximately $270.8 million and $33.9 million, respectively, as of December 31, 2021 and 2020. For the year ended December 31, 2021, the Company funded approximately $249.6 million of outstanding principal. As of December 31, 2021 and 2020, approximately 48% and 35%, respectively, of the Company’s loans held at carrying value have floating interest rates. These floating rates are subject to LIBOR floors, with a weighted average floor of 1.0%, calculated based on loans with LIBOR floors. References to LIBOR or “L” are to 30-day LIBOR (unless otherwise specifically stated).

The following tables summarize the Company’s loans held at carrying value as of December 31, 2021 and 2020:

	As of December 31, 2021
	Outstanding Principal ⁽¹⁾		Original Issue Discount			Carrying Value ⁽¹⁾		Weighted Average Remaining Life (Years) ⁽²⁾

Senior Term Loans	$	270,841,715	$	(13,678,219	)	$	257,163,496		3.4
Total loans held at carrying value	$	270,841,715	$	(13,678,219	)	$	257,163,496		3.4

	As of December 31, 2020
	Outstanding Principal ⁽¹⁾		Original Issue Discount			Carrying Value ⁽¹⁾		Weighted Average Remaining Life (Years) ⁽²⁾

Senior Term Loans	$	33,907,763	$	(2,070,732	)	$	31,837,031		4.7
Total loans held at carrying value	$	33,907,763	$	(2,070,732	)	$	31,837,031		4.7

(1)	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted OID, PIK and loan origination costs.

(2)	Weighted average remaining life is calculated based on the carrying value of the loans as of December 31, 2021 and December 31, 2020.

The following table presents changes in loans held at carrying value as of and for the year ended December 31, 2021:

	Principal			Original Issue Discount			Carrying Value

Total loans held at carrying value at December 31, 2020	$	33,907,763		$	(2,070,732	)	$	31,837,031
New fundings		249,591,644			(14,941,001	)		234,650,643
Accretion of original issue discount		—			3,333,514			3,333,514
Realized gain on sale of loans		450,000			—			450,000
Sale of loans		(15,450,000	)		—			(15,450,000	)
PIK interest		2,342,308			—			2,342,308
Total loans held at carrying value at December 31, 2021	$	270,841,715		$	(13,678,219	)	$	257,163,496

The following table presents changes in loans held at carrying value as of and for the period from July 31, 2020 (commencement of operations) to December 31, 2020:

	Principal		Original Issue Discount			Carrying Value
Loans at July 31, 2020	$	—	$	—		$	—
New fundings		33,875,985		(2,120,969	)		31,755,016
Accretion of original issue discount		—		50,237			50,237
PIK interest		31,778		—			31,778
Total loans held at carrying value at December 31, 2020	$	33,907,763	$	(2,070,732	)	$	31,837,031

A more detailed listing of the Company’s loans held at carrying value portfolio based on information available as of December 31, 2021 is as follows:

Collateral Location		Collateral Type ⁽⁴⁾		Outstanding Principal ⁽¹⁾		Original Issue Discount			Carrying Value ⁽¹⁾		Interest Rate				Maturity Date ⁽²⁾	Payment Terms ⁽³⁾

Private Co. C	PA		C ,D	$	21,676,514	$	(754,767	)	$	20,921,747		17.0	%	⁽⁵⁾	12/1/2025		P/I
Sub. of Public Co. D	PA		C		10,000,000		(137,755	)		9,862,245		12.9	%	⁽⁶⁾	12/18/2024		I/O
Private Co. D	OH, AR		D		12,230,666		(825,217	)		11,405,449		15.0	%	⁽⁷⁾	1/1/2026		P/I
Private Co. E	OH		C ,D		19,871,580		(2,627,738	)		17,243,842		17.0	%	⁽⁸⁾	4/1/2026		P/I
Private Co. F	MO		C ,D		11,545,234		(1,717,705	)		9,827,529		17.0	%	⁽⁹⁾	5/1/2026		P/I
Sub of Private Co. G	NJ		C ,D		46,717,825		(2,362,164	)		44,355,661		14.3	%	⁽¹⁰⁾	5/1/2026		P/I
Public Co. F	IL, FL, NV, OH, MA, MI, MD, AR, NV, AZ		C ,D		60,000,000		(1,136,000	)		58,864,000		8.7	%	⁽¹¹⁾	5/30/2023		I/O
Sub of Private Co. H	IL		C		5,781,250		(106,771	)		5,674,479		15.0	%	⁽¹²⁾	5/11/2023		I/O
Private Co. K	MA		C ,D		7,000,000		(724,167	)		6,275,833		13.0	%	⁽¹³⁾	8/3/2026		P/I
Private Co. I	MD		C ,D		10,425,205		(213,332	)		10,211,873		15.5	%	⁽¹⁴⁾	8/1/2026		P/I
Private Co. J	MO		C		23,093,441		(721,583	)		22,371,858		15.0	%	⁽¹⁵⁾	9/1/2025		P/I
Sub. of Public Co. H	IA, IL, MI, NJ, PA		C ,D		42,500,000		(2,351,020	)		40,148,980		9.8	%	⁽¹⁶⁾	1/1/2026		I/O
Total loans held at carrying value				$	270,841,715	$	(13,678,219	)	$	257,163,496

(1)	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted OID, PIK and loan origination costs.

(2)

(3)	I/O = interest-only, P/I = principal and interest. P/I loans may include interest-only periods for a portion of the loan term.

(4)	C = Cultivation Facilities, D = Dispensaries.

(5)	Base interest rate of 12.0% plus LIBOR (LIBOR floor of 1.0%) and PIK interest rate of 4.0%.

(6)	Base interest rate of 12.9%.

(7)	Base interest rate of 13.0% and PIK interest rate of 2.0%.

(8)	Base interest rate of 12.0% plus LIBOR (LIBOR floor of 1.0%) and PIK interest rate of 4.0%.

(9)	Base interest rate of 13.0% and PIK interest rate of 4.0%.

(10)	Base interest rate of 11.5% plus LIBOR (LIBOR floor of 1.0%) and PIK interest rate of 1.8%.

(11)	Base interest rate of 8.7%.

(12)	Base interest rate of 15.0%.

(13)	Base interest rate of 12.0% plus LIBOR (LIBOR floor of 1.0%)

(14)	Base interest rate of 12.0% plus LIBOR (LIBOR floor of 1.0%) and PIK interest rate of 2.5%.

(15)	Base interest rate of 12.0% plus LIBOR (LIBOR floor of 1.0%) and PIK interest rate of 2.0%.

(16)	Base interest rate of 9.8%.

LOAN RECEIVABLE AT CARRYING VALUE

12 Months Ended

Dec. 31, 2021

LOAN RECEIVABLE AT CARRYING VALUE [Abstract]

LOAN RECEIVABLE AT CARRYING VALUE

5.	LOAN RECEIVABLE AT CARRYING VALUE

As of December 31, 2021 and 2020, the Company’s portfolio included one loan receivable at carrying value. The originated commitment under this loan was approximately $4.0 million and outstanding principal was approximately $2.5 million and $3.4 million as of December 31, 2021 and 2020, respectively. During the year ended December 31, 2021, the Company received repayments of approximately $0.8 million of outstanding principal.

The following table presents changes in loans receivable as of and for the year ended December 31, 2021:

	Principal			Original Issue Discount			Carrying Value

Total loans receivable at carrying value at December 31, 2020	$	3,352,176		$	(3,913	)	$	3,348,263
Principal repayment of loans		(818,910	)		—			(818,910	)
Accretion of original issue discount		—			1,235			1,235
Total loans receivable at carrying value at December 31, 2021	$	2,533,266		$	(2,678	)	$	2,530,588

CURRENT EXPECTED CREDIT LOSSES

12 Months Ended

Dec. 31, 2021

CURRENT EXPECTED CREDIT LOSSES [Abstract]

CURRENT EXPECTED CREDIT LOSSES

6.	CURRENT EXPECTED CREDIT LOSSES

The Company estimates its current expected credit losses (“CECL”) on both the outstanding balances and unfunded commitments on loans held for investment and requires consideration of a broader range of historical experience adjusted for current conditions and reasonable and supportable forecast information to inform credit loss estimates (the “CECL Reserve”) using a model that considers multiple datapoints and methodologies that may include the likelihood of default and expected loss given default for each individual loan, discounted cash flows (“DCF”), and other inputs which may include the risk rating of the loan, how recently the loan was originated compared to the measurement date, and expected prepayment if applicable. Calculation of the CECL Reserve requires loan specific data, which includes fixed charge coverage ratio, loan-to-value, property type and geographic location. Estimating the CECL Reserve also requires significant judgment with respect to various factors, including (i) the appropriate historical loan loss reference data, (ii) the expected timing of loan repayments, (iii) calibration of the likelihood of default to reflect the risk characteristics of the Company’s loan portfolio and (iv) the Company’s current and future view of the macroeconomic environment. The Company may consider loan-specific qualitative factors on certain loans to estimate its CECL Reserve, which may include (i) whether cash from the borrower’s operations is sufficient to cover the debt service requirements currently and into the future, (ii) the ability of the borrower to refinance the loan and (iii) the liquidation value of collateral. For loans where we have deemed the borrower/sponsor to be experiencing financial difficulty, we may elect to apply a practical expedient in which the fair value of the underlying collateral is compared to the amortized cost of the loan in determining a specific CECL allowance. In order to estimate the future expected loan losses relevant to the Company’s portfolio, the Company may consider historical market loan loss data provided by a third-party data service. The third party’s loan database includes historical loss data for commercial mortgage-backed securities, or CMBS which the Company believes is a reasonably comparable and available data set to its type of loans. The Company utilized macroeconomic data that reflects a current recession; however, the short and long-term economic implications of the COVID-19 pandemic and its financial impact on the Company are highly uncertain. The CECL Reserve takes into consideration the macroeconomic impact of the COVID-19 pandemic on commercial real estate properties and is not specific to any loan losses or impairments on the Company’s loans held for investment.

As of December 31, 2021 and December 31, 2020, the Company’s CECL Reserve for its loans held at carrying value and loans receivable at carrying value is approximately $3.1 million and $0.5 million, respectively, or 120 and 132 basis points, respectively, of the Company’s total loans held at carrying value and loans receivable at carrying value of approximately $259.7 million and $35.2 million, respectively, and is bifurcated between the current expected credit loss reserve (contra-asset) related to outstanding balances on loans held at carrying value and loans receivable at carrying value of approximately $2.4 million and $0.4 million, respectively, and a liability for unfunded commitments of approximately $0.7 million and $0.1 million, respectively. The liability was based on the unfunded portion of the loan commitment over the full contractual period over which the Company is exposed to credit risk through a current obligation to extend credit. Management considered the likelihood that funding will occur, and if funded, the expected credit loss on the funded portion.

Activity related to the CECL Reserve for outstanding balances and unfunded commitments on the Company’s loans held at carrying value and loans receivable at carrying value as of and for the year ended December 31, 2021 was as follows:

	Outstanding ⁽¹⁾		Unfunded ⁽²⁾		Total
Balance at December 31, 2020	$	404,860	$	60,537	$	465,397
Provision for current expected credit losses		2,026,698		622,640		2,649,338
Write-offs		—		—		—
Recoveries		—		—		—
Balance at December 31, 2021	$	2,431,558	$	683,177	$	3,114,735

(1)	As of December 31, 2021 and December 31, 2020, the CECL Reserve related to outstanding balances on loans at carrying value and loans receivable at carrying value is recorded within current expected credit loss reserve in the Company’s consolidated balance sheets.

(2)	As of December 31, 2021 and December 31, 2020, the CECL Reserve related to unfunded commitments on loans held at carrying value is recorded within current expected credit loss reserve as a liability in the Company’s consolidated balance sheets.

Activity related to the CECL Reserve for outstanding balances and unfunded commitments on the Company’s loans held at carrying value and loans receivable at carrying value for the period from July 31, 2020 (commencement of operations) to December 31, 2020 was as follows:

	Outstanding ⁽¹⁾		Unfunded ⁽²⁾		Total
Balance at July 31, 2020	$	—	$	—	$	—
Provision for current expected credit losses		404,860		60,537		465,397
Write-offs		—		—		—
Recoveries		—		—		—
Balance at December 31, 2020	$	404,860	$	60,537	$	465,397

(1)	As of December 31, 2020, the CECL Reserve related to outstanding balances on loans at carrying value and loans receivable at carrying value is recorded within current expected credit loss reserve in the Company’s consolidated balance sheets.

(2)	As of December 31, 2020, the CECL Reserve related to unfunded commitments on loans held at carrying value is recorded within other liabilities in the Company’s consolidated balance sheets.

The Company continuously evaluates the credit quality of each loan by assessing the risk factors of each loan and assigning a risk rating based on a variety of factors. Risk factors include property type, geographic and local market dynamics, physical condition, projected cash flow, loan structure and exit plan, loan-to-value ratio, fixed charge coverage ratio, project sponsorship, and other factors deemed necessary. Based on a 5-point scale, the Company’s loans are rated “1” through “5,” from less risk to greater risk, which ratings are defined as follows:

	Rating		Definition
	1		Very Low Risk — Materially exceeds performance metrics included in original or current credit underwriting and business plan
	2		Low Risk — Collateral and business performance exceeds substantially all performance metrics included in original or current credit underwriting and business plan
	3		Medium Risk — Collateral and business performance meets, or is on track to meet underwriting expectations; business plan is met or can reasonably be achieved
	4		High Risk/ Potential for Loss — Collateral performance falls short of underwriting, material differences from business plans, defaults may exist, or may soon exist absent material improvement. Risk of recovery of interest exists
	5		Impaired/Loss Likely — Performance is significantly worse than underwriting with major variances from business plan observed. Loan covenants or financial milestones have been breached; exit from loan or refinancing is uncertain. Full recovery of principal is unlikely

The risk ratings are primarily based on historical data as well as taking into account future economic conditions.

As of December 31, 2021, the carrying value, excluding the CECL Reserve, of the Company’s loans held at carrying value and loans receivable at carrying value within each risk rating by year of origination is as follows:

Risk Rating:	2021		2020		Total
1	$	—	$	—	$	—
2		58,864,000		—		58,864,000
3		145,898,184		44,720,028		190,618,212
4		10,211,872		—		10,211,872
5		—		—		—
Total	$	214,974,056	$	44,720,028	$	259,694,084

- Definition

The entire disclosure for credit loss on financial instrument measured at amortized cost basis, net investment in lease, off-balance sheet credit exposure, and available-for-sale debt security.

+ References + Details

INTEREST RECEIVABLE

12 Months Ended

Dec. 31, 2021

INTEREST RECEIVABLE [Abstract]

INTEREST RECEIVABLE

7.	INTEREST RECEIVABLE

The following table summarizes the interest receivable by the Company as of December 31, 2021 and 2020:

	As of December 31, 2021		As of December 31, 2020
Interest receivable	$	3,562,566	$	675,795
PIK receivable		554,357		177,183
Unused fees receivable		296,015		74,314
Total interest receivable	$	4,412,938	$	927,292

INTEREST RESERVE

12 Months Ended

Dec. 31, 2021

INTEREST RESERVE [Abstract]

INTEREST RESERVE

8.	INTEREST RESERVE

At December 31, 2021 and December 31, 2020, the Company had seven and one loans, respectively, that included a loan funded interest reserve. For the year ended December 31, 2021, approximately $6.0 million of interest income was earned and disbursed from the interest reserve.

The following table presents changes in interest reserve as of and for the year ended December 31, 2021 and for the period from July 31, 2020 to December 31, 2020:

	For the year ended December 31, 2021			Period from July 31, 2020 to December 31, 2020
Beginning reserves	$	1,325,750		$	—
New reserves		9,450,468			1,400,000
Reserves disbursed		(5,993,947	)		(74,250	)
Ending reserves	$	4,782,271		$	1,325,750

DEBT

12 Months Ended

Dec. 31, 2021

DEBT [Abstract]

DEBT

Revolving Credit Facility

In July 2020, the Company obtained a secured revolving credit loan (the “Revolving Credit Facility”) from AFC Finance, LLC, an affiliate of the Company’s management. The Revolving Credit Facility had a loan commitment of $40,000,000 and had an interest rate of 8% per annum, payable in cash in arrears. The Company did not incur any fees or cost related to the origination of the Revolving Credit Facility and the Revolving Credit Facility did not have any unused fees. The maturity date of the Revolving Credit Facility was the earlier of (i) July 31, 2021 and (ii) the date of the closing of any credit facility where the proceeds are incurred to refund, refinance or replace the Revolving Credit Agreement (as defined below) with an aggregate principal amount equal to or greater than $50.0 million (any such financing, a “Refinancing Credit Facility”) in accordance with terms of the credit agreement governing the Revolving Credit Facility (the “Revolving Credit Agreement”). The Revolving Credit Facility was secured by the assets of the Company.

On May 7, 2021, the Company amended the Revolving Credit Agreement with AFC Finance, LLC (the “First Amendment”). The First Amendment increased the loan commitment from $40,000,000 to $50,000,000, decreased the interest rate from 8% per annum to 6% per annum, removed Gamma Lending Holdco LLC as a lender and extended the maturity date from July 31, 2021 to the earlier of (i) December 31, 2021 or (ii) the date of the closing of any Refinancing Credit Facility.

On November 3, 2021, the Company entered into the Second Amendment to the Revolving Credit Agreement with AFC Finance, LLC (the “Second Amendment”). Under the Second Amendment, payments to AFC Finance, LLC for interest, commitment fees and unused fees (net applicable taxes) are required to be paid directly or indirectly through AFC Finance, LLC to charitable organizations designated by AFC Finance, LLC. The Second Amendment (i) increased the loan commitment from $50,000,000 to $75,000,000; (ii) decreased the interest rate from 6% per annum to 4.75% per annum; (iii) introduced a one-time commitment fee of 0.25%, to be paid in three equal quarterly installments, and an unused line fee of 0.25% per annum, to be paid quarterly in arrears; (iv) provided an optional buyout provision for the holders of the Company’s 2027 Senior Notes (as defined above) upon an event of default under the Revolving Credit Agreement; (v) extended the fixed element of the maturity date from December 31, 2021 to September 30, 2022 and (vi) provided that a Refinancing Credit Facility (as defined below) may be any credit facility where the proceeds are incurred to refund, refinance or replace the Revolving Credit Agreement. Pursuant to the Second Amendment, the Company incurred a one-time commitment fee expense of $187,500 in November 2021, payable in three quarterly installments beginning in the first quarter of 2022, which is amortized over the life of the loan. As of December 30, 2021, the Company drew on the full amount of the Revolving Credit Facility, resulting in $75.0 million outstanding and $0.0 million available for borrowing and incurred interest expense of $19,792. All outstanding borrowings were subsequently repaid in full on January 3, 2022.

2027 Senior Notes

On November 3, 2021, the Company issued $100 million in aggregate principal amount of senior unsecured notes due in 2027 (the “2027 Senior Notes”). The 2027 Senior Notes accrue interest at a rate of 5.75% per annum. Interest on the 2027 Senior Notes is due semi-annually on May 1 and November 1 of each year, beginning on May 1, 2022. The net proceeds from the Offering were approximately $97 million, after deducting the initial purchasers’ discounts and commissions and estimated offering fees and expenses payable by the Company. The Company intends to use the proceeds from the issuance of the 2027 Senior Notes (i) to fund loans related to unfunded commitments to existing borrowers, (ii) to originate and participate in commercial loans to companies operating in the cannabis industry that are consistent with our investment strategy and (iii) for working capital and other general corporate purposes. The terms of the 2027 Senior Notes are governed by an indenture, dated November 3, 2021, among us, as issuer, and TMI Trust Company, as trustee (the “Indenture”). Under the Indenture governing the 2027 Senior Notes, we are required to cause all of our existing and future subsidiaries to guarantee the 2027 Senior Notes, other than certain immaterial subsidiaries as set forth in the Indenture. The 2027 Senior Notes are currently not guaranteed by any of our subsidiaries.

Prior to February 1, 2027, we may redeem the 2027 Senior Notes in whole or in part at a price equal to the greater of 100% of the principal amount of the 2027 Senior Notes being redeemed or a make-whole premium set forth in the Indenture, plus accrued and unpaid interest thereon to, but excluding, the applicable redemption date. On or after February 1, 2027, we may redeem the 2027 Senior Notes in whole or in part at a price equal to 100% of the principal amount of the 2027 Senior Notes being redeemed, plus accrued and unpaid interest, if any, to, but excluding, the applicable redemption date. The Indenture also requires us to offer to purchase all of the 2027 Senior Notes at a purchase price equal to 101% of the principal amount of the 2027 Senior Notes, plus accrued and unpaid interest if a ‘‘change of control triggering event’’ (as defined in the Indenture) occurs.

The Indenture governing the 2027 Senior Notes contains customary terms and restrictions, subject to a number of exceptions and qualifications, including restrictions on the Company’s ability to (1) incur additional indebtedness unless the Annual Debt Service Charge (as defined in the Indenture) is no less than 1.5 to 1.0, (2) incur or maintain total debt in an aggregate principal amount greater than 60% of the Company’s consolidated Total Assets (as defined in the Indenture), (3) incur or maintain secured debt in an aggregate principal amount greater than 25% of the Company’s consolidated Total Assets (as defined in the Indenture); and (4) merge, consolidate or sell substantially all of the Company’s assets. In addition, the Indenture also provides for customary events of default. If any event of default occurs, any amount then outstanding under the Indenture may immediately become due and payable. These events of default are subject to a number of important exceptions and qualifications set forth in the Indenture.

The 2027 Senior Notes are due on May 1, 2027. Scheduled principal payments on the senior unsecured notes as of December 31, 2021 are as follows:

	Senior Unsecured Notes
Year ending December 31,
2022	$	—
2023		—
2024		—
2025		—
2026		—
Thereafter		100,000,000
Total principal	$	100,000,000

The following table reflects a summary of interest expense incurred during the year ended December 31, 2021. Note, no interest expense was incurred as of December 31, 2020.

	As of December 31, 2021
	Senior Unsecured Notes		Line of Credit		Total Borrowings

Interest expense	$	942,361	$	19,792	$	962,153
Unused fee expense		—		29,687		29,687
Amortization of deferred financing costs		102,151		32,855		135,006
Total interest expense	$	1,044,512	$	82,334	$	1,126,846

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

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+ Details

COMMITMENTS AND CONTINGENCIES

12 Months Ended

Dec. 31, 2021

COMMITMENTS AND CONTINGENCIES [Abstract]

COMMITMENTS AND CONTINGENCIES

10.	COMMITMENTS AND CONTINGENCIES

As of December 31, 2021 and 2020, the Company had the following commitments to fund various senior term loans, investment in debt securities, equipment loans and bridge loans:

	As of December 31, 2021			As of December 31, 2020
Total original loan commitments	$	419,198,125		$	107,292,176
Less: drawn commitments		(363,659,505	)		(87,467,057	)
Total undrawn commitments	$	55,538,620		$	19,825,119

The Company from time to time may be a party to litigation in the normal course of business. As of December 31, 2021, the Company is not aware of any legal claims that could materially impact its business, financial condition or results of operations.

The Company provides loans to established companies operating in the cannabis industry which involves significant risks, including the risk of strict enforcement against the Company’s borrowers of the federal illegality of cannabis, the Company’s borrowers’ inability to renew or otherwise maintain their licenses or other requisite authorizations for their cannabis operations, and such loans lack of liquidity, and the Company could lose all or part of any of the Company’s loans.

The Company’s ability to grow or maintain our business depends on state laws pertaining to the cannabis industry. New laws that are adverse to the Company’s borrowers may be enacted, and current favorable state or national laws or enforcement guidelines relating to cultivation, production and distribution of cannabis may be modified or eliminated in the future, which would impede the Company’s ability to grow and could materially adversely affect the Company’s business.

Management’s plan to mitigate risks include monitoring the legal landscape as deemed appropriate. Also, should a loan default or otherwise be seized, the Company may be prohibited from owning cannabis assets and thus could not take possession of collateral, in which case the Company would look to sell the loan, which could result in the Company realizing a loss on the transaction.

STOCKHOLDERS' EQUITY

12 Months Ended

Dec. 31, 2021

STOCKHOLDERS' EQUITY [Abstract]

STOCKHOLDERS' EQUITY

11.	STOCKHOLDERS’ EQUITY

Series A Preferred Stock

As of December 31, 2021 and December 31, 2020, the Company has authorized 10,000 preferred shares and issued 125 of the preferred shares designated as 12.0% Series A Cumulative Non-Voting Preferred Stock, par value $0.01 per share (the “Series A Preferred Stock”).

The Series A Preferred Stock entitles the holders thereof to receive cumulative cash dividends at a rate per annum of 12.0% of the liquidation preference of $1,000 per share plus all accumulated and unpaid dividends thereon. The Company generally may not declare or pay, or set apart for payment, any dividend or other distribution on any shares of the Company’s stock ranking junior to the Series A Preferred Stock as to dividends, including the Company’s common stock, or redeem, repurchase or otherwise make payments on any such shares, unless full, cumulative dividends on all outstanding shares of Series A Preferred Stock have been declared and paid or set apart for payment for all past dividend periods. The holders of the Series A Preferred Stock generally have no voting rights except in limited circumstances, including certain amendments to the Company’s charter and the authorization or issuance of equity securities senior to or on parity with the Series A Preferred Stock. The Series A Preferred Stock is not convertible into shares of any other class or series of our stock. The Series A Preferred Stock is senior to all other classes and series of shares of the Company’s stock as to dividend and redemption rights and rights upon the Company’s liquidation, dissolution and winding up.

Upon written notice to each record holder of the Series A Preferred Stock as to the effective date of redemption, the Company may redeem the shares of the outstanding Series A Preferred Stock at the Company’s option, in whole or in part, at any time for cash at a redemption price equal to $1,000 per share, for a total of $125,000 for the 125 shares outstanding, plus all accrued and unpaid dividends thereon to and including the date fixed for redemption. Shares of the Series A Preferred Stock that are redeemed shall no longer be deemed outstanding shares of the Company and all rights of the holders of such shares will terminate.

Common Stock

The Board of Directors of the Company (the “Board”) approved a seven-for-one stock split of the Company’s common stock effective on January 25, 2021. All common shares, stock options, and per share information presented in the consolidated financial statements have been adjusted to reflect the stock split on a retroactive basis for all periods presented, including reclassifying an amount equal to the increase in par value of common stock from additional paid-in capital. There was no change in the par value of the Company’s common stock. Upon consummation of the Company’s IPO, any stockholder that held fractional shares received cash in lieu of such fractional shares based on the public offering price of the shares of the Company’s common stock at IPO. This resulted in the reduction of 15 shares issued and outstanding.

On March 23, 2021, the Company completed its IPO of 6,250,000 shares of its common stock at a price of $19.00 per share, raising $118,750,000 in gross proceeds. The underwriters also exercised their over-allotment option to purchase up to an additional 937,500 shares of the Company’s common stock at a price of $19.00 per share, which was completed on March 26, 2021, raising $17,812,500 in additional gross proceeds. The underwriting commissions of $8,312,500 and $1,246,875, respectively, are reflected as a reduction of additional paid-in capital on the consolidated statements of stockholders’ equity. The Company incurred approximately $3,093,836 of expenses in connection with the IPO, which is reflected as a reduction in additional paid-in capital. The net proceeds to the Company totaled approximately $123,909,289.

On June 28, 2021, the Company completed an offering of 2,750,000 shares of its common stock at a price of $20.50 per share, raising $56,375,000 in gross proceeds. The underwriting commissions of $3,100,625 are reflected as a reduction of additional paid-in capital on the consolidated statements of stockholders’ equity. The Company incurred approximately $701,989 of expenses in connection with the offering, which is reflected as a reduction in additional paid-in capital. The net proceeds to the Company totaled approximately $52,572,386.

On July 6, 2021, the underwriters partially exercised their over-allotment option to purchase 269,650 shares of the Company’s common stock at a price of $20.50 per share raising $5,527,825 in additional gross proceeds or $5,223,795 in net proceeds after underwriting commissions of $304,030, which is reflected as a reduction of additional paid-in capital on the consolidated statements of stockholders’ equity.

On January 10, 2022, the Company completed an underwritten offering of 3,000,000 shares of our common stock, at a price to the public of $20.50 per share. The gross proceeds to the Company from the offering were $61.5 million, before deducting underwriting discounts and commissions, a structuring fee and offering expenses payable by the Company. In connection with the offering, the underwriters were granted an over-allotment option to purchase up to an additional 450,000 shares of the Company’s common stock. On January 14, 2022, the underwriters partially exercised the over-allotment option with respect to 291,832 shares of common stock, which was completed on January 19, 2022. The underwriting commissions of approximately $3.5 million will be reflected as a reduction of additional paid-in capital in the first quarter of fiscal year 2022. The Company incurred approximately $1.0 million of expenses in connection with the offering. After giving effect to the partial exercise of the over-allotment option, the total number of shares sold by the Company in the public offering was 3,291,832 shares and total gross proceeds, before deducting underwriting discounts and commissions, a structuring fee and other offering expenses payable by the Company, were approximately $67.5 million.

Equity Incentive Plan

The Company has established an equity incentive compensation plan (the “Plan”). The Company’s Board authorized the adoption of the Plan (as amended, the “2020 Plan”) and approved stock option grants of 1,632,632 shares of common stock and 56,285 shares of restricted stock as of December 31, 2021. The Board or one or more committees appointed by the Board administers the 2020 Plan. The 2020 Plan authorizes stock options, stock appreciation rights, restricted stock, stock bonuses, stock units and other forms of awards granted or denominated in the Company’s common stock or units of common stock. The 2020 Plan retains flexibility to offer competitive incentives and to tailor benefits to specific needs and circumstances. Any award may be structured to be paid or settled in cash. The Company has, and currently intends to continue to grant stock options to participants in the 2020 Plan, but it may also grant any other type of award available under the 2020 Plan in the future. Persons eligible to receive awards under the 2020 Plan include officers or employees of the Company or any of its subsidiaries, directors of the Company, employees of the Manager and certain directors and consultants and other service providers to the Company or any of its subsidiaries.

As of December 31, 2021, the maximum number of shares of the Company common stock that may be delivered pursuant to awards under the 2020 Plan (the “Share Limit”) equals 2,401,965 shares, which is an increase of 301,965 shares compared to December 31, 2020 under the evergreen provision in the 2020 Plan in connection with the public offering of an additional 2,750,000 shares of common stock by the Company in June 2021 and 269,650 shares of common stock issued by the Company to the underwriters in connection with their partial exercise of an over-allotment option in July 2021. Shares that are subject to or underlie awards that expire or for any reason are cancelled or terminated, are forfeited, fail to vest, or for any other reason are not paid or delivered under the 2020 Plan will not be counted against the Share Limit and will again be available for subsequent awards under the 2020 Plan. Shares that are exchanged by a participant or withheld by the Company as full or partial payment in connection with any award granted under the 2020 Plan, as well as any shares exchanged by a participant or withheld by us to satisfy tax withholding obligations related to any award granted under the 2020 Plan, will not be counted against the Share Limit and will again be available for subsequent awards under the 2020 Plan. To the extent that an award is settled in cash or a form other than shares, the shares that would have been delivered had there been no such cash or other settlement will not be counted against the Share Limit and will again be available for subsequent awards under the 2020 Plan.

The exercise price of any options granted under the 2020 Plan will be at net asset value or greater; provided, however, the exercise price will be at least equal to the market price of the underlying shares on the grant date. The options granted under the 2020 Plan have an ordinary term of up to 10 years. An option may either be an incentive stock option or a nonqualified stock option. Options generally may not be transferred to third parties for value and do not include dividend equivalent rights.

The following table summarizes the (i) non-vested options granted, (ii) vested options granted and (iii) forfeited options granted for the Company’s directors and officers and employees of the Manager as of December 31, 2021 and 2020:

	As of December 31, 2021			As of December 31, 2020
Non-vested		183,114			142,814
Vested		1,449,518			800,618
Forfeited		(28,396	)		(16,534	)
Balance		1,604,236			926,898

The following table summarizes the (i) non-vested restricted stock granted, (ii) vested restricted stock granted and (iii) forfeited restricted stock granted for the Company’s directors and officers and employees of the Manager as of December 31, 2021 and 2020:

	As of December 31, 2021		As of December 31, 2020
Non-vested		56,285		—
Vested		—		—
Forfeited		—		—
Balance		56,285		—

The Company uses the Black-Scholes option pricing model to value stock options in determining the share-based compensation expense. Forfeitures are recognized as they occur. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the date of grant. The expected dividend yield was based on the Company’s expected dividend yield at grant date. Expected volatility is based on the estimated average volatility of similar companies due to the lack of historical volatilities of the Company’s common stock. Restricted stock grant expense is based on the Company’s stock price at the time of the grant and amortized over the vesting period. The share-based compensation expense for the Company was approximately $1,745,872 for the year ended December 31, 2021, and no expense was booked during the period from July 31, 2020 to December 31, 2020.

The following table presents the assumptions used in the option pricing model of options granted under the 2020 Plan:

Assumptions	Range
Expected volatility		40% - 50%
Expected dividend yield		10% - 20%
Risk-free interest rate		0.5% - 1.5%
Expected forfeiture rate		0%

The following tables summarize stock option activity during the year ended December 31, 2021 and for the period from July 31, 2020 to December 31, 2020:

	Year ended December 31, 2021			Weighted- Average Grant Date Fair Value Per Option
Balance as of December 31, 2020		926,898		$	0.91
Granted		689,200			1.31
Exercised		—			—
Forfeited		(11,862	)		1.01
Balance as of December 31, 2021		1,604,236		$	1.08

	Period ended December 31, 2020			Weighted- Average Grant Date Fair Value Per Option
Balance as of July 31, 2020		—		$	—
Granted		943,432			0.91
Exercised		—			—
Forfeited		(16,534	)		0.90
Balance as of December 31, 2020		926,898		$	0.91

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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+ Details

EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2021

EARNINGS PER SHARE [Abstract]

EARNINGS PER SHARE

12.	EARNINGS PER SHARE

The following information sets forth the computations of basic weighted average earnings per common share for the year ended December 31, 2021 and for the period from July 31, 2020 to December 31, 2020:

	Year ended December 31, 2021		Period from July 31, 2020 to December 31, 2020
Net income (loss) attributable to common stockholders	$	21,000,497	$	4,313,632
Divided by:
Basic weighted average shares of common stock outstanding		13,373,778		5,694,475
Diluted weighted average shares of common stock outstanding		13,808,845		5,694,475
Basic weighted average earnings per common share	$	1.57	$	0.76
Diluted weighted average earnings per common share	$	1.52	$	0.76

INCOME TAX

12 Months Ended

Dec. 31, 2021

INCOME TAX [Abstract]

INCOME TAX

13.	INCOME TAX

A TRS is an entity taxed as a corporation that has not elected to be taxed as a REIT, in which a REIT directly or indirectly holds equity, and that has made a joint election with such REIT to be treated as a TRS. A TRS generally may engage in any business, including investing in assets and engaging in activities that could not be held or conducted directly by the Company without jeopardizing its qualification as a REIT. A TRS is subject to applicable United States federal, state and local income tax on its taxable income. In addition, as a REIT, the Company also may be subject to a 100% excise tax on certain transactions between it and its TRS that are not conducted on an arm’s-length basis. The income tax provision is included in the line item income tax expense, including excise tax in the consolidated statements of operations included in this Annual Report on Form 10-K.

The income tax provision for the Company was $35,167 for the year ended December 31, 2021 and $0 for the period ended December 31, 2020. The income tax expense for the Company relates to various state and local taxes and activities of the Company’s taxable REIT subsidiary of approximately $10,167 and $25,000, respectively.

For the year ended December 31, 2021, the Company incurred no expense for United States federal excise tax. Excise tax represents a 4% tax on the sum of a portion of the Company’s ordinary income and net capital gains not distributed during the period. If it is determined that an excise tax liability exists for the current period, the Company will accrue excise tax on estimated excess taxable income as such taxable income is earned. The expense is calculated in accordance with applicable tax regulations.

The Company does not have any unrecognized tax benefits and the Company does not expect that to change in the next 12 months.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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+ Details

FAIR VALUE

12 Months Ended

Dec. 31, 2021

FAIR VALUE [Abstract]

FAIR VALUE

14.	FAIR VALUE

Loans Held for Investment

The Company’s loans are typically valued using a yield analysis, which is typically performed for non-credit impaired loans to borrowers where the Company does not own a controlling equity position. To determine fair value using a yield analysis, a current price is imputed for the loan based upon an assessment of the expected market yield for a similarly structured loan with a similar level of risk. In the yield analysis, the Company considers the current contractual interest rate, the maturity and other terms of the loan relative to risk of the company and the specific loan. A key determinant of risk, among other things, is the leverage through the loan relative to the enterprise value of the borrower. As loans held by the Company are substantially illiquid with no active loan market, the Company depends on primary market data, including newly funded loans, as well as secondary market data with respect to high yield debt instruments and syndicated loans, as inputs in determining the appropriate market yield, as applicable.

The following tables present fair value measurements of loans held at fair value as of December 31, 2021 and 2020:

	Fair Value Measurement Using as of December 31, 2021
	Total		Level 1		Level 2		Level 3
Loans held at fair value	$	77,096,319	$	—	$	—	$	77,096,319
Total	$	77,096,319	$	—	$	—	$	77,096,319

	Fair Value Measurement Using as of December 31, 2020
	Total		Level 1		Level 2		Level 3
Loans held at fair value	$	48,558,051	$	—	$	—	$	48,558,051
Total	$	48,558,051	$	—	$	—	$	48,558,051

The following table presents changes in loans that use Level 3 inputs as of and for the year ended December 31, 2021:

	For the year ended December 31, 2021
Total loans using Level 3 inputs at December 31, 2020	$	48,558,051
Change in unrealized gains (losses) on loans at fair value, net		619,821
Additional funding		37,701,104
Original issue discount and other discounts, net of costs		(1,130,623	)
Loan repayments		(12,000,000	)
Loan amortization payments		(1,093,659	)
Accretion of original issue discount		2,249,563
PIK interest		2,192,062
Total loans using Level 3 inputs at December 31, 2021	$	77,096,319

The change in unrealized appreciation included in the consolidated statement of operations attributable to loans held at fair value, categorized as Level 3, still held at December 31, 2021 is $1,402,411.

The following tables summarize the significant unobservable inputs the Company used to value the loans categorized within Level 3 as of December 31, 2021 and 2020. The tables are not intended to be all-inclusive, but instead capture the significant unobservable inputs relevant to the Company’s determination of fair values.

As of December 31, 2021

Unobservable Input

Fair Value

Primary Valuation

Techniques

Input

Estimated Range

Weighted

Average

Senior Term Loans

77,096,319

Yield analysis

Market Yield

17.71% - 20.96

18.22%

Total Investments

77,096,319

As of December 31, 2020

Unobservable Input

Fair Value

Primary Valuation

Techniques

Input

Estimated Range

Weighted

Average

Senior Term Loans

48,558,051

Yield analysis

Market Yield

15.79% - 20.75

20.20%

Total Investments

48,558,051

Changes in market yields may change the fair value of certain of the Company’s loans. Generally, an increase in market yields may result in a decrease in the fair value of certain of the Company’s loans.

Due to the inherent uncertainty of determining the fair value of loans that do not have a readily available market value, the fair value of the Company’s loans may fluctuate from period to period. Additionally, the fair value of the Company’s loans may differ significantly from the values that would have been used had a ready market existed for such loans and may differ materially from the values that the Company may ultimately realize. Further, such loans are generally subject to legal and other restrictions on resale or otherwise are less liquid than publicly traded securities. If the Company was required to liquidate a loan in a forced or liquidation sale, it could realize significantly less than the value at which the Company has recorded it.

In addition, changes in the market environment and other events that may occur over the life of the loans may cause the gains or losses ultimately realized on these loans to be different than the unrealized gains or losses reflected in the valuations currently assigned.

Investment in Marketable Securities

As of December 31, 2021, the Company’s portfolio included one investment in debt securities held at fair value. As of December 31, 2020, the Company’s portfolio did not include any debt securities.

The following tables summarize the Company’s debt securities held at fair value as of December 31, 2021:

	As of December 31, 2021
	Fair Value		Carrying Value ⁽¹⁾		Outstanding Principal ⁽¹⁾		Weighted Average Remaining Life (Years) ⁽²⁾

Debt securities	$	15,881,250	$	16,050,000	$	15,000,000		2.9
Total debt securities held at fair value	$	15,881,250	$	16,050,000	$	15,000,000		2.9

(1)	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted purchase premium and loan origination costs.

(2)	Weighted average remaining life is calculated based on the fair value of the loans as of December 31, 2021.

The following table presents changes in loans held at fair value as of and for the year ended December 31, 2021:

	Principal		Original Issue Discount		Unrealized Gains (Losses)			Fair Value

Total debt securities held at fair value at December 31, 2020	$	—	$	—	$	—		$	—
Change in unrealized gains / (losses) on securities at fair value, net		—		—		(168,750	)		(168,750	)
New fundings		15,000,000		1,050,000		—			16,050,000
Loan repayments		—		—		—			—
Total debt securities held at fair value at December 31, 2021	$	15,000,000	$	1,050,000	$	(168,750	)	$	15,881,250

The following table presents fair value measurements of debt securities held at fair value as of December 31, 2021. Note, the Company did not hold any investments in debt securities as of December 31, 2020.

	Fair Value Measurement Using as of December 31, 2021
	Total		Level 1		Level 2		Level 3
Debt securities held at fair value	$	15,881,250	$	—	$	15,881,250	$	—
Total	$	15,881,250	$	—	$	15,881,250	$	—

Fair Value of Financial Instruments

GAAP requires disclosure of fair value information about financial instruments, whether or not recognized at fair value in the balance sheet, for which it is practicable to estimate that value.

The following table details the book value and fair value of the Company’s financial instruments not recognized at fair value in the consolidated balance sheets:

	As of December 31, 2021
	Carrying Value		Fair Value
Financial assets
Cash and cash equivalents	$	109,246,048	$	109,246,048
Loans held for investment at carrying value	$	257,163,496	$	260,930,143
Loan receivable at carrying value	$	2,530,588	$	2,475,001

Estimates of fair value for cash and cash equivalents are measured using observable, quoted market prices, or Level 1 inputs. The Company’s loans held for investment are measured using unobservable inputs, or Level 3 inputs. The Company’s investment in debt securities are measured using readily available quoted prices for similar assets, or Level 2 inputs.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

RELATED PARTY TRANSACTIONS

12 Months Ended

Dec. 31, 2021

RELATED PARTY TRANSACTIONS

15.	RELATED PARTY TRANSACTIONS

Management Agreement

Pursuant to the Management Agreement, the Manager manages the loans and day-to-day operations of the Company, subject at all times to the further terms and conditions set forth in the Management Agreement and such further limitations or parameters as may be imposed from time to time by the Company’s Board.

The Manager will receive base management fees (the “Base Management Fee”) that are calculated and payable quarterly in arrears, in an amount equal to 0.375% of the Company’s Equity (as defined below), subject to certain adjustments, less 50% of the aggregate amount of any other fees (“Outside Fees”), including any agency fees relating to our loans, but excluding the Incentive Compensation (as defined below) and any diligence fees paid to and earned by the Manager and paid by third parties in connection with the Manager’s due diligence of potential loans.

Prior to the IPO, the quarterly base management fee was equal to 0.4375% of the Company’s Equity, subject to certain adjustments, less 100% of the aggregate amount of any Outside Fees, including any agency fees relating to our loans, but excluding the Incentive Compensation and any diligence fees paid to and earned by the Manager and paid by third parties in connection with the Manager’s due diligence of potential loans.

In addition to the Base Management Fee, the Manager is entitled to receive incentive compensation (the “Incentive Compensation” or “Incentive Fees”) under the Management Agreement. Under the Management Agreement, the Company will pay Incentive Fees to the Manager based upon the Company’s achievement of targeted levels of Core Earnings. “Core Earnings” is defined in the Management Agreement as, for a given period means the net income (loss) for such period, computed in accordance with GAAP, excluding (i) non-cash equity compensation expense, (ii) the Incentive Compensation, (iii) depreciation and amortization, (iv) any unrealized gains or losses or other non-cash items that are included in net income for the applicable reporting period, regardless of whether such items are included in other comprehensive income or loss, or in net income and (v) one-time events pursuant to changes in GAAP and certain non-cash charges, in each case after discussions between the Manager and the Company’s independent directors and approved by a majority of the independent directors. The Incentive Compensation for the year ended December 31, 2021 was approximately $6,010,704. For the period from July 31, 2020 to December 31, 2020, the Manager agreed to waive the incentive compensation.

The Company shall pay all of its costs and expenses and shall reimburse the Manager or its affiliates for expenses of the Manager and its affiliates paid or incurred on behalf of the Company, excepting only those expenses that are specifically the responsibility of the Manager pursuant to the Management Agreement.

The following table summarizes the related party costs incurred by the Company for the year ended December 31, 2021 and for the period from July 31, 2020 to December 31, 2020:

	Year ended December 31, 2021			Period from July 31, 2020 to December 31, 2020
Affiliate Costs
Management fees earned	$	3,340,123		$	623,361
Less outside fees earned		(1,029,315	)		(259,167	)
Base management fees, net		2,310,808			364,194
Incentive fees earned		6,010,704			—
General and administrative expenses reimbursable to Manager		2,319,074			671,605
Total	$	10,640,586		$	1,035,799

Amounts payable to the Company’s Manager as of December 31, 2021 and 2020 were $4,147,501 and $728,298, respectively.

Investments in Loans

From time to time, the Company may co-invest with other investment vehicles managed by the Company’s Manager or its affiliates, including the Manager, and their portfolio companies, including by means of splitting loans, participating in loans or other means of syndicating loans. The Company is not obligated to provide, nor has it provided, any financial support to the other managed investment vehicles. As such, the Company’s risk is limited to the carrying value of its investment in any such loan. As of December 31, 2021, there were four co-invested loans held by the Company and an affiliate of the Company.

In September 2021, we entered into the September Commitment Assignment with our Manager, pursuant to which our Manager assigned to us its commitment to make loans to Private Company A in a principal amount of up to $20.0 million, which was funded in September 2021. The loans were purchased at accreted cost plus accrued PIK interest. We did not pay any fees or premium to our Manager for our acquisition of our Manager’s loan commitments under the Credit Agreement with Private Company A pursuant to the September Commitment Assignment.

In September 2021, we entered into a September Loan Assignment with FLH, Private Company A, as borrower, and our Manager, as the agent, pursuant to which we acquired FLH’s interest in the $8.5 million portion of the loan to Private Company A, for a purchase price of approximately $8.5 million (which equaled the outstanding principal amount of the loan plus any accrued and unpaid interest and less any unaccreted original issue discount).

In connection with investments in loans, the Company may receive the option to assign the right (the “Assigned Right”) to acquire warrants and/or equity of the borrower. The Company may sell the Assigned Right, and the sale may be to an affiliate of the Company. For the year ended December 31, 2021, the Company sold approximately $2.3 million of Assigned Rights to an affiliate which are accounted for as additional original issue discount and accreted over the life of the loans. For the period ended December 31, 2020, the Company sold approximately $1.6 million of Assigned Rights to an affiliate which are accounted for as additional original issue discount and accreted over the life of the loans.

Secured Revolving Credit Facility From Affiliate

The Company has the Revolving Credit Facility from AFC Finance, LLC, an affiliate of the Company. Refer to Note 9 to our consolidated financial statements for more information.

DIVIDENDS AND DISTRIBUTIONS

12 Months Ended

Dec. 31, 2021

DIVIDENDS AND DISTRIBUTIONS [Abstract]

DIVIDENDS AND DISTRIBUTIONS

16.	DIVIDENDS AND DISTRIBUTIONS

The following table summarizes the Company’s dividends declared during the year ended December 31, 2021:

	Record Date		Payment Date	Common Share Distribution Amount		Taxable Ordinary Income		Return of Capital		Section 199A Dividends

Regular cash dividend		3/15/2021	3/31/2021	$	0.36	$	0.36	$	—	$	0.36
Regular cash dividend		6/15/2021	6/30/2021		0.38		0.38		—		0.38
Regular cash dividend		9/30/2021	10/15/2021		0.43		0.43		—		0.43
Regular cash dividend		12/31/2021	1/14/2022		0.50		0.50		—		0.50
Total cash dividend				$	1.67	$	1.67	$	—	$	1.67

SUBSEQUENT EVENTS

12 Months Ended

Dec. 31, 2021

SUBSEQUENT EVENTS [Abstract]

SUBSEQUENT EVENTS

17.	SUBSEQUENT EVENTS

The Company has evaluated subsequent events through the date the financial statements were available to be issued. There were no material subsequent events, other than those described below, that required disclosure in these financial statements.

Subsequent to the end of the fourth quarter, the Company increased commitments to three current borrowers in the amount of approximately $46.9 million and funded approximately $49.4 million of principal amount of new and unfunded commitments. Additionally, the Company sold one investment in debt securities of $15.0 million and was repaid by Private Company E of approximately $20.0 million.

On January 10, 2022, the Company completed an underwritten offering of 3,000,000 shares of its common stock, at a price to the public of $20.50 per share. The Company’s gross proceeds from the offering were $61.5 million, before deducting underwriting discounts and commissions, a structuring fee and offering expenses. In connection with the offering, the underwriters were granted an over-allotment option to purchase up to an additional 450,000 shares of our common stock. On January 14, 2022, the underwriters partially exercised the over-allotment option with respect to 291,832 shares of common stock, which was completed on January 19, 2022. The underwriting commissions of approximately $3.5 million will be reflected as a reduction of additional paid-in capital in the first quarter of fiscal year 2022. The Company incurred approximately $1.0 million of expenses in connection with the offering. After giving effect to the partial exercise of the over-allotment option, the total number of shares sold in the public offering was 3,291,832 shares and total gross proceeds, before deducting underwriting discounts and commissions, a structuring fee and other offering expenses, were approximately $67.5 million.

On December 30, 2021, the Company drew $75.0 million on our Revolving Credit Facility. All outstanding borrowings were subsequently repaid in full on January 3, 2022.

In February 2022, Private Company E repaid its loan in full. The loan had an original maturity date of April 2026 and the outstanding principal on the date of repayment was approximately $20.0 million. The Company received a prepayment premium of $1.3 million upon repayment of the loan.

In February 2022, the Company committed an additional $15.3 million under the expansion to the Private Company A Credit Facility, and now hold $77.8 million in total of the expanded credit facility, and an additional $1.0 million of the expansion was syndicated.

In February 2022, the Company sold our $15.0 million investment in the Public Company G debt securities for 106% of face value, resulting in a loss of approximately $0.2 million. This investment was classified as available-for-sale as of December 31, 2021.

In March 2022, the Company entered into the fourth amendment of the Amended and Restated Credit Agreement with Public Company F to, among other things, increase the total loan commitments by $100 million, with approximately (i) $26.6 million of the new loan commitments allocated to us; (ii) $15.0 million of the new loan commitments allocated to FLH; and (iii) the remaining loan commitments allocated to third-party lenders by the third-party agent.

In March 2022, the Company committed an additional $5.0 million under the Private Company B credit facility. Following the expansion, the Company now holds $15.5 million in total principal amount.

In March 2022, we declared a regular cash dividend of $0.55 per share of our common stock, relating to the first quarter of 2022, which will be paid on April 15, 2022 to stockholders of record as of March 31, 2022. The estimated aggregate amount of the regular cash dividend payment is approximately $10.9 million.

SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2021

SIGNIFICANT ACCOUNTING POLICIES [Abstract]

Basis of Presentation

Cash, Cash Equivalents and Restricted Cash

Restricted cash includes deposits required under certain Secured Funding Agreements. As of the balance sheet date, the Company did not have any restricted cash.

Concentration of Credit Risks

Investments in Loans

The Company originates commercial real estate (“CRE”) debt and related instruments generally to be held for investment.

The Company accretes or amortizes any discounts or premiums on loans held for investment over the life of the related loan held for investment utilizing the effective interest method.

Loans Held at Fair Value

Loans Held at Carrying Value

Investment in Marketable Securities

Fair Value Measurements

●

Level 1—Valuations based on quoted prices in active markets for identical assets or liabilities that the Company has the ability to access.

●

Level 2—Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.

●

Level 3—Valuations based on inputs that are unobservable and significant to the overall fair value measurement.

Current Expected Credit Losses

Equity-Based Compensation

Debt Issuance Costs

Payment-in-Kind Interest

Interest reserves

Use of Estimates in the Preparation of Financial Statements

Recent Accounting Pronouncements

LOANS HELD FOR INVESTMENT AT FAIR VALUE (Tables)

12 Months Ended

Dec. 31, 2021

LOANS HELD FOR INVESTMENT AT FAIR VALUE [Abstract]

Loans Held at Fair Value

The following tables summarize the Company’s loans held at fair value as of December 31, 2021 and 2020:

	As of December 31, 2021
	Fair Value ⁽²⁾		Carrying Value ⁽¹⁾		Outstanding Principal ⁽¹⁾		Weighted Average Remaining Life (Years) ⁽³⁾

Senior Term Loans	$	77,096,319	$	74,913,157	$	77,630,742		2.2
Total loans held at fair value	$	77,096,319	$	74,913,157	$	77,630,742		2.2

	As of December 31, 2020
	Fair Value ⁽²⁾		Carrying Value ⁽¹⁾		Outstanding Principal ⁽¹⁾		Weighted Average Remaining Life (Years) ⁽³⁾

Senior Term Loans	$	48,558,051	$	46,994,711	$	50,831,235		3.3
Total loans held at fair value	$	48,558,051	$	46,994,711	$	50,831,235		3.3

(1)	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of OID, PIK and loan origination costs.

(2)	Refer to Note 14 in these annual consolidated financial statements.

(3)	Weighted average remaining life is calculated based on the fair value of the loans as of December 31, 2021 and December 31, 2020.

Changes in Loans Held at Fair Value

The following table presents changes in loans held at fair value as of and for the year ended December 31, 2021:

	Principal			Original Issue Discount			Unrealized Gains (Losses)		Fair Value

Total loans held at fair value at December 31, 2020	$	50,831,235		$	(3,836,524	)	$	1,563,340	$	48,558,051
Change in unrealized gains (losses) on loans at fair value, net		—			—			619,821		619,821
New fundings		37,701,104			(1,130,623	)		—		36,570,481
Loan repayments		(12,000,000	)		—			—		(12,000,000	)
Loan amortization payments		(1,093,659	)		—			—		(1,093,659	)
Accretion of original issue discount		—			2,249,563			—		2,249,563
PIK interest		2,192,062			—			—		2,192,062
Total loans held at fair value at December 31, 2021	$	77,630,742		$	(2,717,584	)	$	2,183,161	$	77,096,319

The following table presents changes in loans held at fair value as of and for the period from July 31, 2020 (commencement of operations) to December 31, 2020:

	Principal			Original Issue Discount			Fair Value
Loans acquired at July 31, 2020	$	46,080,605		$	(2,974,054	)	$	43,106,551
Realized gains (losses) on loans at fair value, net		345,000			—			345,000
Change in unrealized gains (losses) on loans at fair value, net		—			—			1,563,340
New fundings		16,360,000			(1,595,199	)		14,764,801
Loan repayments		(5,000,000	)		—			(5,000,000	)
Sale of loans		(7,345,000	)		—			(7,345,000	)
Accretion of original issue discount		—			732,729			732,729
PIK interest		390,630			—			390,630
Total loans held at fair value at December 31, 2020	$	50,831,235		$	(3,836,524	)	$	48,558,051

Loans Held at Fair Value Portfolio

A more detailed listing of the Company’s loans held at fair value portfolio based on information available as of December 31, 2021 is as follows:

	Collateral Location	Collateral Type ⁽⁸⁾		Fair Value ⁽²⁾		Carrying Value ⁽¹⁾		Outstanding Principal ⁽¹⁾		Interest Rate				Maturity Date ⁽³⁾	Payment Terms ⁽⁴⁾

Private Co. A	AZ, MI, MD, MA		C ,D	$	63,523,503	$	61,629,048	$	63,918,855		16.4	%	⁽⁵⁾	5/8/2024		P/I
Public Co. A	NV		C		2,919,420		2,940,000		2,940,000		14.0	%	⁽⁶⁾	1/26/2023		I/O
Private Co. B	MI		C		10,653,396		10,344,109		10,771,887		17.0	%	⁽⁷⁾	9/1/2023		P/I
Total loans held at fair value				$	77,096,319	$	74,913,157	$	77,630,742

(1)	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of OID, PIK and loan origination costs.

(2)	Refer to Note 14 in these annual consolidated financial statements.

(3)

(4)	I/O = interest-only, P/I = principal and interest. P/I loans may include interest-only periods for a portion of the loan term.

(5)	Base interest rate of 13% and payment-in-kind (“PIK”) interest rate of 3.4%.

(6)	Base interest rate of 12% and PIK interest rate of 2%.

(7)	Base interest rate of 13% and PIK interest rate of 4%.

(8)	C = Cultivation Facilities, D = Dispensaries.

LOANS HELD FOR INVESTMENT AT CARRYING VALUE (Tables)

12 Months Ended

Dec. 31, 2021

LOANS HELD FOR INVESTMENT AT CARRYING VALUE [Abstract]

Loans Held at Carrying Value

The following tables summarize the Company’s loans held at carrying value as of December 31, 2021 and 2020:

	As of December 31, 2021
	Outstanding Principal ⁽¹⁾		Original Issue Discount			Carrying Value ⁽¹⁾		Weighted Average Remaining Life (Years) ⁽²⁾

Senior Term Loans	$	270,841,715	$	(13,678,219	)	$	257,163,496		3.4
Total loans held at carrying value	$	270,841,715	$	(13,678,219	)	$	257,163,496		3.4

	As of December 31, 2020
	Outstanding Principal ⁽¹⁾		Original Issue Discount			Carrying Value ⁽¹⁾		Weighted Average Remaining Life (Years) ⁽²⁾

Senior Term Loans	$	33,907,763	$	(2,070,732	)	$	31,837,031		4.7
Total loans held at carrying value	$	33,907,763	$	(2,070,732	)	$	31,837,031		4.7

(1)	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted OID, PIK and loan origination costs.

(2)	Weighted average remaining life is calculated based on the carrying value of the loans as of December 31, 2021 and December 31, 2020.

Changes in Loans Held at Carrying Value

The following table presents changes in loans held at carrying value as of and for the year ended December 31, 2021:

	Principal			Original Issue Discount			Carrying Value

Total loans held at carrying value at December 31, 2020	$	33,907,763		$	(2,070,732	)	$	31,837,031
New fundings		249,591,644			(14,941,001	)		234,650,643
Accretion of original issue discount		—			3,333,514			3,333,514
Realized gain on sale of loans		450,000			—			450,000
Sale of loans		(15,450,000	)		—			(15,450,000	)
PIK interest		2,342,308			—			2,342,308
Total loans held at carrying value at December 31, 2021	$	270,841,715		$	(13,678,219	)	$	257,163,496

The following table presents changes in loans held at carrying value as of and for the period from July 31, 2020 (commencement of operations) to December 31, 2020:

	Principal		Original Issue Discount			Carrying Value
Loans at July 31, 2020	$	—	$	—		$	—
New fundings		33,875,985		(2,120,969	)		31,755,016
Accretion of original issue discount		—		50,237			50,237
PIK interest		31,778		—			31,778
Total loans held at carrying value at December 31, 2020	$	33,907,763	$	(2,070,732	)	$	31,837,031

Loans Held at Carrying Value Portfolio

A more detailed listing of the Company’s loans held at carrying value portfolio based on information available as of December 31, 2021 is as follows:

Collateral Location		Collateral Type ⁽⁴⁾		Outstanding Principal ⁽¹⁾		Original Issue Discount			Carrying Value ⁽¹⁾		Interest Rate				Maturity Date ⁽²⁾	Payment Terms ⁽³⁾

Private Co. C	PA		C ,D	$	21,676,514	$	(754,767	)	$	20,921,747		17.0	%	⁽⁵⁾	12/1/2025		P/I
Sub. of Public Co. D	PA		C		10,000,000		(137,755	)		9,862,245		12.9	%	⁽⁶⁾	12/18/2024		I/O
Private Co. D	OH, AR		D		12,230,666		(825,217	)		11,405,449		15.0	%	⁽⁷⁾	1/1/2026		P/I
Private Co. E	OH		C ,D		19,871,580		(2,627,738	)		17,243,842		17.0	%	⁽⁸⁾	4/1/2026		P/I
Private Co. F	MO		C ,D		11,545,234		(1,717,705	)		9,827,529		17.0	%	⁽⁹⁾	5/1/2026		P/I
Sub of Private Co. G	NJ		C ,D		46,717,825		(2,362,164	)		44,355,661		14.3	%	⁽¹⁰⁾	5/1/2026		P/I
Public Co. F	IL, FL, NV, OH, MA, MI, MD, AR, NV, AZ		C ,D		60,000,000		(1,136,000	)		58,864,000		8.7	%	⁽¹¹⁾	5/30/2023		I/O
Sub of Private Co. H	IL		C		5,781,250		(106,771	)		5,674,479		15.0	%	⁽¹²⁾	5/11/2023		I/O
Private Co. K	MA		C ,D		7,000,000		(724,167	)		6,275,833		13.0	%	⁽¹³⁾	8/3/2026		P/I
Private Co. I	MD		C ,D		10,425,205		(213,332	)		10,211,873		15.5	%	⁽¹⁴⁾	8/1/2026		P/I
Private Co. J	MO		C		23,093,441		(721,583	)		22,371,858		15.0	%	⁽¹⁵⁾	9/1/2025		P/I
Sub. of Public Co. H	IA, IL, MI, NJ, PA		C ,D		42,500,000		(2,351,020	)		40,148,980		9.8	%	⁽¹⁶⁾	1/1/2026		I/O
Total loans held at carrying value				$	270,841,715	$	(13,678,219	)	$	257,163,496

(1)	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted OID, PIK and loan origination costs.

(2)

(3)	I/O = interest-only, P/I = principal and interest. P/I loans may include interest-only periods for a portion of the loan term.

(4)	C = Cultivation Facilities, D = Dispensaries.

(5)	Base interest rate of 12.0% plus LIBOR (LIBOR floor of 1.0%) and PIK interest rate of 4.0%.

(6)	Base interest rate of 12.9%.

(7)	Base interest rate of 13.0% and PIK interest rate of 2.0%.

(8)	Base interest rate of 12.0% plus LIBOR (LIBOR floor of 1.0%) and PIK interest rate of 4.0%.

(9)	Base interest rate of 13.0% and PIK interest rate of 4.0%.

(10)	Base interest rate of 11.5% plus LIBOR (LIBOR floor of 1.0%) and PIK interest rate of 1.8%.

(11)	Base interest rate of 8.7%.

(12)	Base interest rate of 15.0%.

(13)	Base interest rate of 12.0% plus LIBOR (LIBOR floor of 1.0%)

(14)	Base interest rate of 12.0% plus LIBOR (LIBOR floor of 1.0%) and PIK interest rate of 2.5%.

(15)	Base interest rate of 12.0% plus LIBOR (LIBOR floor of 1.0%) and PIK interest rate of 2.0%.

(16)	Base interest rate of 9.8%.

LOAN RECEIVABLE AT CARRYING VALUE (Tables)

12 Months Ended

Dec. 31, 2021

LOAN RECEIVABLE AT CARRYING VALUE [Abstract]

Changes in Loans Receivable

The following table presents changes in loans receivable as of and for the year ended December 31, 2021:

	Principal			Original Issue Discount			Carrying Value

Total loans receivable at carrying value at December 31, 2020	$	3,352,176		$	(3,913	)	$	3,348,263
Principal repayment of loans		(818,910	)		—			(818,910	)
Accretion of original issue discount		—			1,235			1,235
Total loans receivable at carrying value at December 31, 2021	$	2,533,266		$	(2,678	)	$	2,530,588

CURRENT EXPECTED CREDIT LOSSES (Tables)

12 Months Ended

Dec. 31, 2021

CURRENT EXPECTED CREDIT LOSSES [Abstract]

Financing Receivable, Allowance for Credit Loss

	Outstanding ⁽¹⁾		Unfunded ⁽²⁾		Total
Balance at December 31, 2020	$	404,860	$	60,537	$	465,397
Provision for current expected credit losses		2,026,698		622,640		2,649,338
Write-offs		—		—		—
Recoveries		—		—		—
Balance at December 31, 2021	$	2,431,558	$	683,177	$	3,114,735

(1)	As of December 31, 2021 and December 31, 2020, the CECL Reserve related to outstanding balances on loans at carrying value and loans receivable at carrying value is recorded within current expected credit loss reserve in the Company’s consolidated balance sheets.

(2)	As of December 31, 2021 and December 31, 2020, the CECL Reserve related to unfunded commitments on loans held at carrying value is recorded within current expected credit loss reserve as a liability in the Company’s consolidated balance sheets.

	Outstanding ⁽¹⁾		Unfunded ⁽²⁾		Total
Balance at July 31, 2020	$	—	$	—	$	—
Provision for current expected credit losses		404,860		60,537		465,397
Write-offs		—		—		—
Recoveries		—		—		—
Balance at December 31, 2020	$	404,860	$	60,537	$	465,397

(1)	As of December 31, 2020, the CECL Reserve related to outstanding balances on loans at carrying value and loans receivable at carrying value is recorded within current expected credit loss reserve in the Company’s consolidated balance sheets.

(2)	As of December 31, 2020, the CECL Reserve related to unfunded commitments on loans held at carrying value is recorded within other liabilities in the Company’s consolidated balance sheets.

Risk Rating by Year of Origination

Risk Rating:	2021		2020		Total
1	$	—	$	—	$	—
2		58,864,000		—		58,864,000
3		145,898,184		44,720,028		190,618,212
4		10,211,872		—		10,211,872
5		—		—		—
Total	$	214,974,056	$	44,720,028	$	259,694,084

INTEREST RECEIVABLE (Tables)

12 Months Ended

Dec. 31, 2021

INTEREST RECEIVABLE [Abstract]

Interest Receivable

The following table summarizes the interest receivable by the Company as of December 31, 2021 and 2020:

	As of December 31, 2021		As of December 31, 2020
Interest receivable	$	3,562,566	$	675,795
PIK receivable		554,357		177,183
Unused fees receivable		296,015		74,314
Total interest receivable	$	4,412,938	$	927,292

INTEREST RESERVE (Tables)

12 Months Ended

Dec. 31, 2021

INTEREST RESERVE [Abstract]

Changes in Interest Reserve

The following table presents changes in interest reserve as of and for the year ended December 31, 2021 and for the period from July 31, 2020 to December 31, 2020:

	For the year ended December 31, 2021			Period from July 31, 2020 to December 31, 2020
Beginning reserves	$	1,325,750		$	—
New reserves		9,450,468			1,400,000
Reserves disbursed		(5,993,947	)		(74,250	)
Ending reserves	$	4,782,271		$	1,325,750

DEBT (Tables)

12 Months Ended

Dec. 31, 2021

DEBT [Abstract]

Scheduled of Principal Payments on Senior Unsecured Notes

The 2027 Senior Notes are due on May 1, 2027. Scheduled principal payments on the senior unsecured notes as of December 31, 2021 are as follows:

	Senior Unsecured Notes
Year ending December 31,
2022	$	—
2023		—
2024		—
2025		—
2026		—
Thereafter		100,000,000
Total principal	$	100,000,000

Summary of Interest Expense Incurred

The following table reflects a summary of interest expense incurred during the year ended December 31, 2021. Note, no interest expense was incurred as of December 31, 2020.

	As of December 31, 2021
	Senior Unsecured Notes		Line of Credit		Total Borrowings

Interest expense	$	942,361	$	19,792	$	962,153
Unused fee expense		—		29,687		29,687
Amortization of deferred financing costs		102,151		32,855		135,006
Total interest expense	$	1,044,512	$	82,334	$	1,126,846

COMMITMENTS AND CONTINGENCIES (Tables)

12 Months Ended

Dec. 31, 2021

COMMITMENTS AND CONTINGENCIES [Abstract]

Commitments to Fund Various Senior Term Loans, Investment in Debt securities, Equipment Loans and Bridge Loans

As of December 31, 2021 and 2020, the Company had the following commitments to fund various senior term loans, investment in debt securities, equipment loans and bridge loans:

	As of December 31, 2021			As of December 31, 2020
Total original loan commitments	$	419,198,125		$	107,292,176
Less: drawn commitments		(363,659,505	)		(87,467,057	)
Total undrawn commitments	$	55,538,620		$	19,825,119

STOCKHOLDERS' EQUITY (Tables)

12 Months Ended

Dec. 31, 2021

STOCKHOLDERS' EQUITY [Abstract]

Summary of Options Granted

	As of December 31, 2021			As of December 31, 2020
Non-vested		183,114			142,814
Vested		1,449,518			800,618
Forfeited		(28,396	)		(16,534	)
Balance		1,604,236			926,898

Summary of Restricted Stock Activity

	As of December 31, 2021		As of December 31, 2020
Non-vested		56,285		—
Vested		—		—
Forfeited		—		—
Balance		56,285		—

Assumptions used in the Option Pricing Model of Options Granted

The following table presents the assumptions used in the option pricing model of options granted under the 2020 Plan:

Assumptions	Range
Expected volatility		40% - 50%
Expected dividend yield		10% - 20%
Risk-free interest rate		0.5% - 1.5%
Expected forfeiture rate		0%

Summary of Stock Option Activity

The following tables summarize stock option activity during the year ended December 31, 2021 and for the period from July 31, 2020 to December 31, 2020:

	Year ended December 31, 2021			Weighted- Average Grant Date Fair Value Per Option
Balance as of December 31, 2020		926,898		$	0.91
Granted		689,200			1.31
Exercised		—			—
Forfeited		(11,862	)		1.01
Balance as of December 31, 2021		1,604,236		$	1.08

	Period ended December 31, 2020			Weighted- Average Grant Date Fair Value Per Option
Balance as of July 31, 2020		—		$	—
Granted		943,432			0.91
Exercised		—			—
Forfeited		(16,534	)		0.90
Balance as of December 31, 2020		926,898		$	0.91

EARNINGS PER SHARE (Tables)

12 Months Ended

Dec. 31, 2021

EARNINGS PER SHARE [Abstract]

Computations of Basic Weighted Average Earnings per Common Share

	Year ended December 31, 2021		Period from July 31, 2020 to December 31, 2020
Net income (loss) attributable to common stockholders	$	21,000,497	$	4,313,632
Divided by:
Basic weighted average shares of common stock outstanding		13,373,778		5,694,475
Diluted weighted average shares of common stock outstanding		13,808,845		5,694,475
Basic weighted average earnings per common share	$	1.57	$	0.76
Diluted weighted average earnings per common share	$	1.52	$	0.76

FAIR VALUE (Tables)

12 Months Ended

Dec. 31, 2021

FAIR VALUE [Abstract]

Fair Value Measurements of Loans Held at Fair Value

The following tables present fair value measurements of loans held at fair value as of December 31, 2021 and 2020:

	Fair Value Measurement Using as of December 31, 2021
	Total		Level 1		Level 2		Level 3
Loans held at fair value	$	77,096,319	$	—	$	—	$	77,096,319
Total	$	77,096,319	$	—	$	—	$	77,096,319

	Fair Value Measurement Using as of December 31, 2020
	Total		Level 1		Level 2		Level 3
Loans held at fair value	$	48,558,051	$	—	$	—	$	48,558,051
Total	$	48,558,051	$	—	$	—	$	48,558,051

Fair Value Measurements of Changes in Loans using Level 3 inputs

The following table presents changes in loans that use Level 3 inputs as of and for the year ended December 31, 2021:

	For the year ended December 31, 2021
Total loans using Level 3 inputs at December 31, 2020	$	48,558,051
Change in unrealized gains (losses) on loans at fair value, net		619,821
Additional funding		37,701,104
Original issue discount and other discounts, net of costs		(1,130,623	)
Loan repayments		(12,000,000	)
Loan amortization payments		(1,093,659	)
Accretion of original issue discount		2,249,563
PIK interest		2,192,062
Total loans using Level 3 inputs at December 31, 2021	$	77,096,319

Significant Unobservable Inputs

As of December 31, 2021

Unobservable Input

Fair Value

Primary Valuation

Techniques

Input

Estimated Range

Weighted

Average

Senior Term Loans

77,096,319

Yield analysis

Market Yield

17.71% - 20.96

18.22%

Total Investments

77,096,319

As of December 31, 2020

Unobservable Input

Fair Value

Primary Valuation

Techniques

Input

Estimated Range

Weighted

Average

Senior Term Loans

48,558,051

Yield analysis

Market Yield

15.79% - 20.75

20.20%

Total Investments

48,558,051

Debt Securities Held at Fair Value

The following tables summarize the Company’s debt securities held at fair value as of December 31, 2021:

	As of December 31, 2021
	Fair Value		Carrying Value ⁽¹⁾		Outstanding Principal ⁽¹⁾		Weighted Average Remaining Life (Years) ⁽²⁾

Debt securities	$	15,881,250	$	16,050,000	$	15,000,000		2.9
Total debt securities held at fair value	$	15,881,250	$	16,050,000	$	15,000,000		2.9

(1)	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted purchase premium and loan origination costs.

(2)	Weighted average remaining life is calculated based on the fair value of the loans as of December 31, 2021.

Changes in Loans Held at Fair Value

The following table presents changes in loans held at fair value as of and for the year ended December 31, 2021:

	Principal		Original Issue Discount		Unrealized Gains (Losses)			Fair Value

Total debt securities held at fair value at December 31, 2020	$	—	$	—	$	—		$	—
Change in unrealized gains / (losses) on securities at fair value, net		—		—		(168,750	)		(168,750	)
New fundings		15,000,000		1,050,000		—			16,050,000
Loan repayments		—		—		—			—
Total debt securities held at fair value at December 31, 2021	$	15,000,000	$	1,050,000	$	(168,750	)	$	15,881,250

Fair Value Measurements of Debt Securities Held at Fair Value

	Fair Value Measurement Using as of December 31, 2021
	Total		Level 1		Level 2		Level 3
Debt securities held at fair value	$	15,881,250	$	—	$	15,881,250	$	—
Total	$	15,881,250	$	—	$	15,881,250	$	—

Book Value and Fair Value of the Financial Instruments

The following table details the book value and fair value of the Company’s financial instruments not recognized at fair value in the consolidated balance sheets:

	As of December 31, 2021
	Carrying Value		Fair Value
Financial assets
Cash and cash equivalents	$	109,246,048	$	109,246,048
Loans held for investment at carrying value	$	257,163,496	$	260,930,143
Loan receivable at carrying value	$	2,530,588	$	2,475,001

RELATED PARTY TRANSACTIONS (Tables)

12 Months Ended

Dec. 31, 2021

Summary of Related Party Costs

The following table summarizes the related party costs incurred by the Company for the year ended December 31, 2021 and for the period from July 31, 2020 to December 31, 2020:

	Year ended December 31, 2021			Period from July 31, 2020 to December 31, 2020
Affiliate Costs
Management fees earned	$	3,340,123		$	623,361
Less outside fees earned		(1,029,315	)		(259,167	)
Base management fees, net		2,310,808			364,194
Incentive fees earned		6,010,704			—
General and administrative expenses reimbursable to Manager		2,319,074			671,605
Total	$	10,640,586		$	1,035,799

DIVIDENDS AND DISTRIBUTIONS (Tables)

12 Months Ended

Dec. 31, 2021

DIVIDENDS AND DISTRIBUTIONS [Abstract]

Summary of Dividends Declared and Paid

The following table summarizes the Company’s dividends declared during the year ended December 31, 2021:

	Record Date		Payment Date	Common Share Distribution Amount		Taxable Ordinary Income		Return of Capital		Section 199A Dividends

Regular cash dividend		3/15/2021	3/31/2021	$	0.36	$	0.36	$	—	$	0.36
Regular cash dividend		6/15/2021	6/30/2021		0.38		0.38		—		0.38
Regular cash dividend		9/30/2021	10/15/2021		0.43		0.43		—		0.43
Regular cash dividend		12/31/2021	1/14/2022		0.50		0.50		—		0.50
Total cash dividend				$	1.67	$	1.67	$	—	$	1.67

ORGANIZATION (Details)	12 Months Ended
ORGANIZATION (Details)	Dec. 31, 2021 Segment
ORGANIZATION [Abstract]
Number of operating segments	1

SIGNIFICANT ACCOUNTING POLICIES, Cash, Cash Equivalents and Restricted Cash (Details)	Dec. 31, 2021 USD ($)
Cash, Cash Equivalents and Restricted Cash [Abstract]
Restricted cash	$ 0

SIGNIFICANT ACCOUNTING POLICIES, Investment in Marketable Securities (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Investment in Marketable Securities [Abstract]
Investment in marketable securities	$ 15,900,000	$ 0.0

LOANS HELD FOR INVESTMENT AT FAIR VALUE, Summary of Portfolio (Details)

5 Months Ended

12 Months Ended

Dec. 31, 2020

USD ($)

Loans

Dec. 31, 2021

USD ($)

Loans

Jul. 30, 2020

USD ($)

Loans held for Investment at Fair Value [Abstract]

Number of portfolio loans | Loans

Loans held at fair value, aggregate commitments

$ 59,900,000

$ 75,900,000

Loans held for investment at outstanding principal

$ 50,831,235

^[1]

77,630,742

^[1]

$ 46,080,605

Loans held at fair value, funded of outstanding principal

37,700,000

Loans held at fair value, repayments

$ 13,100,000

Loans held at fair value, floating interest rate

6.00%

0.00%

LIBOR Floor Rate [Member]

Loans held for Investment at Fair Value [Abstract]

Loans held at fair value, weighted average floor

2.50%

Variable term

30 days

[1]	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of OID, PIK and loan origination costs.

LOANS HELD FOR INVESTMENT AT FAIR VALUE, Summary of Loans Held at Fair Value (Details) - USD ($)

5 Months Ended

12 Months Ended

Dec. 31, 2020

Dec. 31, 2021

Jul. 30, 2020

Loans held as investment, Fair Value Amount [Abstract]

Loans held for investment at fair value

$ 48,558,051

^[1]

$ 77,096,319

^[1]

$ 43,106,551

Loans held for investment at carrying value

^[2]

46,994,711

74,913,157

Loans held for investment at outstanding principal

$ 50,831,235

^[2]

$ 77,630,742

^[2]

$ 46,080,605

Loans held at fair value, weighted average remaining life

^[3]

3 years 3 months 18 days

2 years 2 months 12 days

Senior Term Loans [Member]

Loans held as investment, Fair Value Amount [Abstract]

Loans held for investment at fair value

^[1]

$ 48,558,051

$ 77,096,319

Loans held for investment at carrying value

^[2]

46,994,711

74,913,157

Loans held for investment at outstanding principal

^[2]

$ 50,831,235

$ 77,630,742

Loans held at fair value, weighted average remaining life

^[3]

3 years 3 months 18 days

2 years 2 months 12 days

[1]	Refer to Note 14 in these annual consolidated financial statements.
[2]	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of OID, PIK and loan origination costs.
[3]	Weighted average remaining life is calculated based on the fair value of the loans as of December 31, 2021 and December 31, 2020.

LOANS HELD FOR INVESTMENT AT FAIR VALUE, Changes in Loans Held at Fair Value (Details) - USD ($)

5 Months Ended

12 Months Ended

Dec. 31, 2020

Dec. 31, 2021

Loans Receivable, Principal [Roll Forward]

Total loans held at fair value, beginning balance

$ 46,080,605

$ 50,831,235

^[1]

Loans held at fair value, realized gains (losses) on loans at fair value, net

345,000

Loans held at fair value, change in unrealized gains (losses) on loans at fair value, net

Loans held at fair value, principal, new fundings

16,360,000

37,701,104

Loans held at fair value, principal, repayments

(5,000,000)

(12,000,000)

Loans held at fair value, loan amortization payments

(1,093,659)

Loans held at fair value, principal, sale of loans

(7,345,000)

Loans held at fair value, principal, accretion of original issue discount

Loans held at fair value, principal, PIK interest

390,630

2,192,062

Total loans held at fair value, ending balance

^[1]

50,831,235

77,630,742

Loans Held for Investment, Original Issue Cost [Roll Forward]

Loans held for at fair value, original issue discount, beginning balance

(2,974,054)

(3,836,524)

Loans held at fair value, original issue discount, realized gains (losses) on loans at fair value, net

Loans held at fair value, original issue discount, change in unrealized gains / (losses) on loans at fair value, net

Loans held at fair value, original issue discount, new fundings

(1,595,199)

(1,130,623)

Loans held at fair value, original issue discount, repayments

Loans held at fair value, original issue discount, loan amortization payments

Loans held at fair value, original issue discount, sale of loans

Loans held at fair value, original issue discount, accretion of original issue discount

732,729

2,249,563

Loans held at fair value, original issue discount, PIK interest

Loans held for at fair value, original issue discount, ending balance

(3,836,524)

(2,717,584)

Loans Held for Investment, Unrealized Gains/(Losses) [Roll Forward]

Loans held at fair value, unrealized gains / (losses), beginning balance

1,563,340

Loans held at fair value, unrealized gains / (losses), change in unrealized gains / (losses) on loans at fair value, net

619,821

Loans held at fair value, unrealized gains / (losses), new fundings

Loans held at fair value, unrealized gains / (losses), loan repayments

Loans held at fair value, unrealized gains / (losses), loan amortization payments

Loans held at fair value, unrealized gains / (losses), accretion of original issue discount

Loans held at fair value, unrealized gains / (losses), PIK interest

Loans held at fair value, unrealized gains / (losses), ending balance

1,563,340

2,183,161

Loans Held for Investment, Fair Value [Roll Forward]

Loans held at fair value, beginning balance

43,106,551

48,558,051

^[2]

Loans held at fair value, realized gains (losses) on loans at fair value, net

345,000

Loans held at fair value, change in unrealized gains / (losses) on loans at fair value, net

1,563,340

619,821

Loans held for at fair value, new fundings

14,764,801

36,570,481

Loans held at fair value, repayments

(5,000,000)

(12,000,000)

Loans held for at fair value, loan amortization payments

(1,093,659)

Loans held at fair value, sale of loans

(7,345,000)

Loans held at fair value, Accretion of original issue discount

732,729

2,249,563

Loans held at fair value, PIK interest

390,630

2,192,062

Loans held at fair value, ending balance

^[2]

$ 48,558,051

$ 77,096,319

[1]	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of OID, PIK and loan origination costs.
[2]	Refer to Note 14 in these annual consolidated financial statements.

LOANS HELD FOR INVESTMENT AT FAIR VALUE, Loans Held at Fair Value Portfolio (Details) - USD ($)

12 Months Ended

Dec. 31, 2021

Dec. 31, 2020

Jul. 30, 2020

Loans Held at Fair Value Portfolio [Abstract]

Loans held at fair value

$ 77,096,319

^[1]

$ 48,558,051

^[1]

$ 43,106,551

Loans held for investment at carrying value

^[2]

74,913,157

46,994,711

Outstanding principal

$ 77,630,742

^[2]

$ 50,831,235

^[2]

$ 46,080,605

Private Co. A [Member] | Multi State [Member]

Loans Held at Fair Value Portfolio [Abstract]

Base interest rate

13.00%

PIK interest rate

3.40%

Private Co. A [Member] | Multi State [Member] | Cultivation Facilities, Dispensaries [Member]

Loans Held at Fair Value Portfolio [Abstract]

Loans held at fair value

^[1]

$ 63,523,503

Loans held for investment at carrying value

^[2]

61,629,048

Outstanding principal

^[2]

$ 63,918,855

Interest rate

^[3]

16.40%

Maturity date

^[4]

May 08, 2024

Payment terms

^[5]

P/I

Public Co. A [Member] | NV [Member]

Loans Held at Fair Value Portfolio [Abstract]

Base interest rate

12.00%

PIK interest rate

2.00%

Public Co. A [Member] | NV [Member] | Cultivation Facilities [Member]

Loans Held at Fair Value Portfolio [Abstract]

Loans held at fair value

^[1]

$ 2,919,420

Loans held for investment at carrying value

^[2]

2,940,000

Outstanding principal

^[2]

$ 2,940,000

Interest rate

^[6]

14.00%

Maturity date

^[4]

Jan. 26, 2023

Payment terms

^[5]

I/O

Private Co. B [Member] | MI [Member]

Loans Held at Fair Value Portfolio [Abstract]

Base interest rate

13.00%

PIK interest rate

4.00%

Private Co. B [Member] | MI [Member] | Cultivation Facilities [Member]

Loans Held at Fair Value Portfolio [Abstract]

Loans held at fair value

^[1]

$ 10,653,396

Loans held for investment at carrying value

^[2]

10,344,109

Outstanding principal

^[2]

$ 10,771,887

Interest rate

^[7]

17.00%

Maturity date

^[4]

Sep. 01, 2023

Payment terms

^[5]

P/I

[1]	Refer to Note 14 in these annual consolidated financial statements.
[2]	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of OID, PIK and loan origination costs.
[3]	Base interest rate of 13% and payment-in-kind (“PIK”) interest rate of 3.4%.
[4]	Certain loans are subject to contractual extension options and may be subject to performance based or other conditions as stipulated in the loan agreement. Actual maturities may differ from contractual maturities stated herein as certain borrowers may have the right to prepay with or without paying a prepayment penalty. The Company may also extend contractual maturities and amend other terms of the loans in connection with loan modifications.
[5]	I/O = interest-only, P/I = principal and interest. P/I loans may include interest-only periods for a portion of the loan term.
[6]	Base interest rate of 12% and PIK interest rate of 2%.
[7]	Base interest rate of 13% and PIK interest rate of 4%.

LOANS HELD FOR INVESTMENT AT CARRYING VALUE, Summary of Portfolio (Details)

5 Months Ended

12 Months Ended

Dec. 31, 2020

USD ($)

Loan

Dec. 31, 2021

USD ($)

Loan

Jul. 30, 2020

USD ($)

Loans Held as Investment, Carrying Amount Disclosure [Abstract]

Number of loans held for investments in portfolio | Loan

Loans held for investments aggregate commitments

$ 44,000,000.0

$ 324,300,000

Loans held at carrying value, outstanding principal

$ 33,907,763

^[1]

270,841,715

^[1]

$ 0

Loans held at carrying value, outstanding principal fundings

$ 249,600,000

Percentage of loans held at carrying value with floating interest rates

35.00%

48.00%

LIBOR period

30 days

LIBOR Weighted Average Floor Rate [Member]

Loans Held as Investment, Carrying Amount Disclosure [Abstract]

Loans held at carrying value, interest rate

1.00%

[1]	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted OID, PIK and loan origination costs.

LOANS HELD FOR INVESTMENT AT CARRYING VALUE, Summary of Loans Held at Carrying Value (Details) - USD ($)

5 Months Ended

12 Months Ended

Dec. 31, 2020

Dec. 31, 2021

Jul. 30, 2020

Loans held as investment, Carrying Amount [Abstract]

Loans held at carrying value, outstanding principal

$ 33,907,763

^[1]

$ 270,841,715

^[1]

$ 0

Loans held at carrying value, original issue discount

(2,070,732)

(13,678,219)

Loans held at carrying value

$ 31,837,031

^[1]

$ 257,163,496

^[1]

$ 0

Loans held at carrying value, weighted average remaining life

^[2]

4 years 8 months 12 days

3 years 4 months 24 days

Senior Term Loans [Member]

Loans held as investment, Carrying Amount [Abstract]

Loans held at carrying value, outstanding principal

^[1]

$ 33,907,763

$ 270,841,715

Loans held at carrying value, original issue discount

(2,070,732)

(13,678,219)

Loans held at carrying value

^[1]

$ 31,837,031

$ 257,163,496

Loans held at carrying value, weighted average remaining life

^[2]

4 years 8 months 12 days

3 years 4 months 24 days

[1]	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted OID, PIK and loan origination costs.
[2]	Weighted average remaining life is calculated based on the carrying value of the loans as of December 31, 2021 and December 31, 2020.

LOANS HELD FOR INVESTMENT AT CARRYING VALUE, Changes in Loans Held at Carrying Value (Details) - USD ($)

5 Months Ended

12 Months Ended

Dec. 31, 2020

Dec. 31, 2021

Principal [Abstract]

Total loans held at carrying value, principal, beginning balance

$ 0

$ 33,907,763

^[1]

Total loans held at carrying value, principal, new fundings

33,875,985

249,591,644

Total loans held at carrying value, principal, realized gain on sale of loans

450,000

Total loans held at carrying value, principal, sale of loans

(15,450,000)

Total loans held at carrying value, principal, PIK interest

31,778

2,342,308

Total loans held at carrying value, principal, ending balance

^[1]

33,907,763

270,841,715

Original Issue Discount [Abstract]

Total loans held at carrying value, original issue discount, beginning balance

(2,070,732)

Total loans held at carrying value, original issue discount, new fundings

(2,120,969)

(14,941,001)

Total loans held at carrying value, original Issue discount, accretion of original issue discount

50,237

3,333,514

Total loans held at carrying value, original issue discount, ending balance

(2,070,732)

(13,678,219)

Carrying Value [Abstract]

Total loans held at carrying value, beginning balance

31,837,031

^[1]

Total loans held at carrying value, new fundings

31,755,016

234,650,643

Total loans held at carrying value, accretion of original issue discount

50,237

3,333,514

Total loans held at carrying value, realized gain on sale of loans

450,000

Total loans held at carrying value, sale of loans

(15,450,000)

Total loans held at carrying value, PIK Interest

31,778

2,342,308

Total loans held at carrying value, ending balance

^[1]

$ 31,837,031

$ 257,163,496

[1]	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted OID, PIK and loan origination costs.

LOANS HELD FOR INVESTMENT AT CARRYING VALUE, Loans Held at Carrying Value portfolio (Details) - USD ($)

12 Months Ended

Dec. 31, 2021

Dec. 31, 2020

Jul. 30, 2020

Loans held at investment, Carrying Amount [Abstract]

Outstanding principal

$ 270,841,715

^[1]

$ 33,907,763

^[1]

$ 0

Original issue discount

(13,678,219)

(2,070,732)

Loans held for investment at carrying value, net

$ 257,163,496

^[1]

$ 31,837,031

^[1]

$ 0

Private Co. C [Member] | Base Interest Rate [Member]

Loans held at investment, Carrying Amount [Abstract]

Interest rate

12.00%

Private Co. C [Member] | LIBOR Floor Rate [Member]

Loans held at investment, Carrying Amount [Abstract]

Interest rate

1.00%

Private Co. C [Member] | PIK Interest Rate [Member]

Loans held at investment, Carrying Amount [Abstract]

Interest rate

4.00%

Private Co. C [Member] | PA [Member] | Cultivation Facilities, Dispensaries [Member]

Loans held at investment, Carrying Amount [Abstract]

Outstanding principal

^[1]

$ 21,676,514

Original issue discount

(754,767)

Loans held for investment at carrying value, net

^[1]

$ 20,921,747

Interest rate

^[2]

17.00%

Maturity date

^[3]

Dec. 01, 2025

Payment Terms

^[4]

P/I

Sub. of Public Co. D [Member] | Base Interest Rate [Member]

Loans held at investment, Carrying Amount [Abstract]

Interest rate

12.90%

Sub. of Public Co. D [Member] | PA [Member] | Cultivation Facilities [Member]

Loans held at investment, Carrying Amount [Abstract]

Outstanding principal

^[1]

$ 10,000,000

Original issue discount

(137,755)

Loans held for investment at carrying value, net

^[1]

$ 9,862,245

Interest rate

^[5]

12.90%

Maturity date

^[3]

Dec. 18, 2024

Payment Terms

^[4]

I/O

Private Co. D [Member] | Base Interest Rate [Member]

Loans held at investment, Carrying Amount [Abstract]

Interest rate

13.00%

Private Co. D [Member] | PIK Interest Rate [Member]

Loans held at investment, Carrying Amount [Abstract]

Interest rate

2.00%

Private Co. D [Member] | Multi State [Member] | Dispensaries [Member]

Loans held at investment, Carrying Amount [Abstract]

Outstanding principal

^[1]

$ 12,230,666

Original issue discount

(825,217)

Loans held for investment at carrying value, net

^[1]

$ 11,405,449

Interest rate

^[6]

15.00%

Maturity date

^[3]

Jan. 01, 2026

Payment Terms

^[4]

P/I

Private Co. E [Member]

Loans held at investment, Carrying Amount [Abstract]

Maturity date

Apr. 01, 2026

Private Co. E [Member] | Base Interest Rate [Member]

Loans held at investment, Carrying Amount [Abstract]

Interest rate

12.00%

Private Co. E [Member] | LIBOR Floor Rate [Member]

Loans held at investment, Carrying Amount [Abstract]

Interest rate

1.00%

Private Co. E [Member] | PIK Interest Rate [Member]

Loans held at investment, Carrying Amount [Abstract]

Interest rate

4.00%

Private Co. E [Member] | OH [Member] | Cultivation Facilities, Dispensaries [Member]

Loans held at investment, Carrying Amount [Abstract]

Outstanding principal

^[1]

$ 19,871,580

Original issue discount

(2,627,738)

Loans held for investment at carrying value, net

^[1]

$ 17,243,842

Interest rate

^[2]

17.00%

Maturity date

^[3]

Apr. 01, 2026

Payment Terms

^[4]

P/I

Private Co. F [Member] | Base Interest Rate [Member]

Loans held at investment, Carrying Amount [Abstract]

Interest rate

13.00%

Private Co. F [Member] | PIK Interest Rate [Member]

Loans held at investment, Carrying Amount [Abstract]

Interest rate

4.00%

Private Co. F [Member] | MO [Member] | Cultivation Facilities, Dispensaries [Member]

Loans held at investment, Carrying Amount [Abstract]

Outstanding principal

^[1]

$ 11,545,234

Original issue discount

(1,717,705)

Loans held for investment at carrying value, net

^[1]

$ 9,827,529

Interest rate

^[7]

17.00%

Maturity date

^[3]

May 01, 2026

Payment Terms

^[4]

P/I

Sub of Private Co. G [Member] | Base Interest Rate [Member]

Loans held at investment, Carrying Amount [Abstract]

Interest rate

11.50%

Sub of Private Co. G [Member] | LIBOR Floor Rate [Member]

Loans held at investment, Carrying Amount [Abstract]

Interest rate

1.00%

Sub of Private Co. G [Member] | PIK Interest Rate [Member]

Loans held at investment, Carrying Amount [Abstract]

Interest rate

1.80%

Sub of Private Co. G [Member] | NJ [Member] | Cultivation Facilities, Dispensaries [Member]

Loans held at investment, Carrying Amount [Abstract]

Outstanding principal

^[1]

$ 46,717,825

Original issue discount

(2,362,164)

Loans held for investment at carrying value, net

^[1]

$ 44,355,661

Interest rate

^[8]

14.30%

Maturity date

^[3]

May 01, 2026

Payment Terms

^[4]

P/I

Public Co. F [Member] | Base Interest Rate [Member]

Loans held at investment, Carrying Amount [Abstract]

Interest rate

8.70%

Public Co. F [Member] | Multi State [Member] | Cultivation Facilities, Dispensaries [Member]

Loans held at investment, Carrying Amount [Abstract]

Outstanding principal

^[1]

$ 60,000,000

Original issue discount

(1,136,000)

Loans held for investment at carrying value, net

^[1]

$ 58,864,000

Interest rate

^[9]

8.70%

Maturity date

^[3]

May 30, 2023

Payment Terms

^[4]

I/O

Sub of Private Co. H [Member] | Base Interest Rate [Member]

Loans held at investment, Carrying Amount [Abstract]

Interest rate

15.00%

Sub of Private Co. H [Member] | IL [Member] | Cultivation Facilities [Member]

Loans held at investment, Carrying Amount [Abstract]

Outstanding principal

^[1]

$ 5,781,250

Original issue discount

(106,771)

Loans held for investment at carrying value, net

^[1]

$ 5,674,479

Interest rate

^[10]

15.00%

Maturity date

^[3]

May 11, 2023

Payment Terms

^[4]

I/O

Private Co. K [Member] | Base Interest Rate [Member]

Loans held at investment, Carrying Amount [Abstract]

Interest rate

12.00%

Private Co. K [Member] | LIBOR Floor Rate [Member]

Loans held at investment, Carrying Amount [Abstract]

Interest rate

1.00%

Private Co. K [Member] | MA [Member] | Cultivation Facilities, Dispensaries [Member]

Loans held at investment, Carrying Amount [Abstract]

Outstanding principal

^[1]

$ 7,000,000

Original issue discount

(724,167)

Loans held for investment at carrying value, net

^[1]

$ 6,275,833

Interest rate

^[11]

13.00%

Maturity date

^[3]

Aug. 03, 2026

Payment Terms

^[4]

P/I

Private Co. I [Member] | Base Interest Rate [Member]

Loans held at investment, Carrying Amount [Abstract]

Interest rate

12.00%

Private Co. I [Member] | LIBOR Floor Rate [Member]

Loans held at investment, Carrying Amount [Abstract]

Interest rate

1.00%

Private Co. I [Member] | PIK Interest Rate [Member]

Loans held at investment, Carrying Amount [Abstract]

Interest rate

2.50%

Private Co. I [Member] | MD [Member] | Cultivation Facilities, Dispensaries [Member]

Loans held at investment, Carrying Amount [Abstract]

Outstanding principal

^[1]

$ 10,425,205

Original issue discount

(213,332)

Loans held for investment at carrying value, net

^[1]

$ 10,211,873

Interest rate

^[12]

15.50%

Maturity date

^[3]

Aug. 01, 2026

Payment Terms

^[4]

P/I

Private Co. J [Member] | Base Interest Rate [Member]

Loans held at investment, Carrying Amount [Abstract]

Interest rate

12.00%

Private Co. J [Member] | LIBOR Floor Rate [Member]

Loans held at investment, Carrying Amount [Abstract]

Interest rate

1.00%

Private Co. J [Member] | PIK Interest Rate [Member]

Loans held at investment, Carrying Amount [Abstract]

Interest rate

2.00%

Private Co. J [Member] | MO [Member] | Cultivation Facilities [Member]

Loans held at investment, Carrying Amount [Abstract]

Outstanding principal

^[1]

$ 23,093,441

Original issue discount

(721,583)

Loans held for investment at carrying value, net

^[1]

$ 22,371,858

Interest rate

^[13]

15.00%

Maturity date

^[3]

Sep. 01, 2025

Payment Terms

^[4]

P/I

Sub. of Public Co. H [Member] | Base Interest Rate [Member]

Loans held at investment, Carrying Amount [Abstract]

Interest rate

9.80%

Sub. of Public Co. H [Member] | Multi State [Member] | Cultivation Facilities, Dispensaries [Member]

Loans held at investment, Carrying Amount [Abstract]

Outstanding principal

^[1]

$ 42,500,000

Original issue discount

(2,351,020)

Loans held for investment at carrying value, net

^[1]

$ 40,148,980

Interest rate

^[14]

9.80%

Maturity date

^[3]

Jan. 01, 2026

Payment Terms

^[4]

I/O

[1]	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted OID, PIK and loan origination costs.
[2]	Base interest rate of 12.0% plus LIBOR (LIBOR floor of 1.0%) and PIK interest rate of 4.0%.
[3]	Certain loans are subject to contractual extension options and may be subject to performance based or other conditions as stipulated in the loan agreement. Actual maturities may differ from contractual maturities stated herein as certain borrowers may have the right to prepay with or without paying a prepayment penalty. The Company may also extend contractual maturities and amend other terms of the loans in connection with loan modifications.
[4]	I/O = interest-only, P/I = principal and interest. P/I loans may include interest-only periods for a portion of the loan term.
[5]	Base interest rate of 12.9%.
[6]	Base interest rate of 13.0% and PIK interest rate of 2.0%.
[7]	Base interest rate of 13.0% and PIK interest rate of 4.0%.
[8]	Base interest rate of 11.5% plus LIBOR (LIBOR floor of 1.0%) and PIK interest rate of 1.8%.
[9]	Base interest rate of 8.7%.
[10]	Base interest rate of 15.0%.
[11]	Base interest rate of 12.0% plus LIBOR (LIBOR floor of 1.0%)
[12]	Base interest rate of 12.0% plus LIBOR (LIBOR floor of 1.0%) and PIK interest rate of 2.5%.
[13]	Base interest rate of 12.0% plus LIBOR (LIBOR floor of 1.0%) and PIK interest rate of 2.0%.
[14]	Base interest rate of 9.8%.

LOAN RECEIVABLE AT CARRYING VALUE (Details)	12 Months Ended
LOAN RECEIVABLE AT CARRYING VALUE (Details)	Dec. 31, 2021 USD ($) Loan	Dec. 31, 2020 USD ($) Loan
Proceeds from Sale and Collection of Loans Receivable [Abstract]
Number of portfolio loans \| Loan	1	1
Loans receivable at carrying value aggregate commitments	$ 4,000,000.0	$ 4,000,000.0
Loans Receivable, Principal [Roll Forward]
Total loans receivable at principal, beginning of period	3,352,176
Principal repayment of loans at principal	(818,910)
Total loans receivable at principal, end of period	2,533,266
Loans Receivable, Original Issue Discount [Roll Forward]
Total loans receivable at original issue discount, beginning of period	(3,913)
Accretion of original issue discount at original issue discount	1,235
Total loans receivable at original issue discount, end of period	(2,678)
Loans Receivable, Carrying Value [Roll Forward]
Total loans receivable at carrying value, beginning of period	3,348,263
Principal repayment of loans at carrying value	(818,910)
Accretion of original issue discount at carrying value	1,235
Total loans receivable at carrying value, end of period	$ 2,530,588

CURRENT EXPECTED CREDIT LOSSES, CECL Reserve (Details) - USD ($)

5 Months Ended

12 Months Ended

Dec. 31, 2020

Dec. 31, 2021

Current Expected Credit Loss [Abstract]

Allowance for credit losses

$ 404,860

$ 2,431,558

Current Expected Credit Loss Reserve for Funded and Unfunded Loan Commitments [Abstract]

Beginning balance

404,860

Ending balance

404,860

2,431,558

CECL Reserve [Member]

Current Expected Credit Loss [Abstract]

Allowance for credit losses

$ 465,397

$ 3,114,735

Loans receivable variable spread rate

1.32%

1.20%

Loans receivable at carrying value, commitment balance

$ 35,200,000

$ 259,700,000

Current Expected Credit Loss Reserve for Funded and Unfunded Loan Commitments [Abstract]

Beginning balance

465,397

Provision for current expected credit losses

465,397

2,649,338

Write-offs

Recoveries

Ending balance

465,397

3,114,735

Funded Loan Commitment [Member] | CECL Reserve [Member]

Current Expected Credit Loss [Abstract]

Allowance for credit losses

^[2]

404,860

^[1]

2,431,558

Current Expected Credit Loss Reserve for Funded and Unfunded Loan Commitments [Abstract]

Beginning balance

^[1]

404,860

^[2]

Provision for current expected credit losses

404,860

^[1]

2,026,698

^[2]

Write-offs

^[1]

^[2]

Recoveries

^[1]

^[2]

Ending balance

^[2]

404,860

^[1]

2,431,558

Unfunded Loan Commitment [Member] | CECL Reserve [Member]

Current Expected Credit Loss [Abstract]

Allowance for credit losses

^[4]

60,537

^[3]

683,177

Current Expected Credit Loss Reserve for Funded and Unfunded Loan Commitments [Abstract]

Beginning balance

^[3]

60,537

^[4]

Provision for current expected credit losses

60,537

^[3]

622,640

^[4]

Write-offs

^[3]

^[4]

Recoveries

^[3]

^[4]

Ending balance

^[4]

$ 60,537

^[3]

$ 683,177

[1]	As of December 31, 2020, the CECL Reserve related to outstanding balances on loans at carrying value and loans receivable at carrying value is recorded within current expected credit loss reserve in the Company’s consolidated balance sheets.
[2]	As of December 31, 2021 and December 31, 2020, the CECL Reserve related to outstanding balances on loans at carrying value and loans receivable at carrying value is recorded within current expected credit loss reserve in the Company’s consolidated balance sheets.
[3]	As of December 31, 2020, the CECL Reserve related to unfunded commitments on loans held at carrying value is recorded within other liabilities in the Company’s consolidated balance sheets.
[4]	As of December 31, 2021 and December 31, 2020, the CECL Reserve related to unfunded commitments on loans held at carrying value is recorded within current expected credit loss reserve as a liability in the Company’s consolidated balance sheets.

CURRENT EXPECTED CREDIT LOSSES, Risk Rating by Year of Origination (Details)	Dec. 31, 2021 USD ($)
Risk Rating by Year of Origination [Abstract]
2021	$ 214,974,056
2022	44,720,028
Total	259,694,084
Very Low Risk [Member]
Risk Rating by Year of Origination [Abstract]
2021	0
2022	0
Total	0
Low Risk [Member]
Risk Rating by Year of Origination [Abstract]
2021	58,864,000
2022	0
Total	58,864,000
Medium Risk [Member]
Risk Rating by Year of Origination [Abstract]
2021	145,898,184
2022	44,720,028
Total	190,618,212
High Risk/ Potential for Loss [Member]
Risk Rating by Year of Origination [Abstract]
2021	10,211,872
2022	0
Total	10,211,872
Impaired/Loss Likely [Member]
Risk Rating by Year of Origination [Abstract]
2021	0
2022	0
Total	$ 0

- Definition

Amount, before allowance for credit loss, of financing receivable.

+ References + Details

INTEREST RECEIVABLE (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
INTEREST RECEIVABLE [Abstract]
Interest receivable	$ 3,562,566	$ 675,795
PIK receivable	554,357	177,183
Unused fees receivable	296,015	74,314
Total interest receivable	$ 4,412,938	$ 927,292

INTEREST RESERVE (Details)	5 Months Ended	12 Months Ended
INTEREST RESERVE (Details)	Dec. 31, 2020 USD ($) Loan	Dec. 31, 2021 USD ($) Loan
INTEREST RESERVE [Abstract]
Number of loans included in loan funded interest reserve \| Loan	1	7
Changes in Interest Reserve [Abstract]
Beginning reserves	$ 0	$ 1,325,750
New reserves	1,400,000	9,450,468
Reserves disbursed	(74,250)	(5,993,947)
Ending reserves	$ 1,325,750	$ 4,782,271

DEBT, Revolving Credit Facility (Details)						12 Months Ended
DEBT, Revolving Credit Facility (Details)	Jan. 03, 2022 USD ($)	Dec. 30, 2021 USD ($)	Nov. 03, 2021 USD ($) Intallment	May 07, 2021 USD ($)	May 06, 2021 USD ($)	Dec. 31, 2021 USD ($)	Jul. 31, 2021 USD ($)
Line of Credit Facility [Abstract]
Interest expense						$ 962,153
Revolving Loan [Member]
Line of Credit Facility [Abstract]
Interest expense						$ 19,792
Revolving Loan [Member] \| Secured Debt [Member]
Line of Credit Facility [Abstract]
Loan commitment					$ 40,000,000
Interest rate					8.00%
Maturity date					Jul. 31, 2021
Credit facility, outstanding		$ 75,000,000.0
Credit facility, available borrowing capacity		0.0
Interest expense		$ 19,792
Revolving Loan [Member] \| Secured Debt [Member] \| Subsequent Event [Member]
Line of Credit Facility [Abstract]
Repayment of line of credit	$ 75,000,000.0
Revolving Loan [Member] \| Secured Debt [Member] \| Minimum [Member]
Line of Credit Facility [Abstract]
Loan commitment							$ 50,000,000
First Amendment Revolving Credit Facility [Member] \| Secured Debt [Member]
Line of Credit Facility [Abstract]
Loan commitment				$ 50,000,000
Interest rate				6.00%
Maturity date				Dec. 31, 2021
Second Amendment Revolving Credit Facility [Member] \| Secured Debt [Member]
Line of Credit Facility [Abstract]
Loan commitment			$ 75,000,000
Interest rate			4.75%
Maturity date			Sep. 30, 2022
One-time commitment fee percentage			0.25%
Number of installments \| Intallment			3
Periodic payment			quarterly
Unused fee, percentage			0.25%
One-time commitment fee			$ 187,500

DEBT, 2027 Senior Notes (Details) - 2027 Senior Notes [Member] $ in Millions	Nov. 03, 2021 USD ($)
2027 Senior Notes [Abstract]
Debt instrument, aggregate principal	$ 100
Debt instrument maturity date	May 01, 2027
Debt instrument, stated percentage	5.75%
Periodic payment	semi-annually
Net proceeds from offering	$ 97
Debt instrument, percentage of principal redeemed	100.00%
Maximum [Member]
2027 Senior Notes [Abstract]
Debt instrument, percentage of principal redeemed	101.00%
Debt service coverage ratio	0.015%
Minimum [Member]
2027 Senior Notes [Abstract]
Percentage of debt in aggregate principal	60.00%
Secured debt of percentage in aggregate principal	25.00%

DEBT, Scheduled of Principal Payments on Senior Unsecured Notes (Details) - Senior Unsecured Notes [Member]	12 Months Ended
	Dec. 31, 2021 USD ($)
Scheduled of Principal Payments [Abstract]
Debt instrument maturity date	May 01, 2027
2022	$ 0
2023	0
2024	0
2025	0
2026	0
Thereafter	100,000,000
Total principal	$ 100,000,000

DEBT, Summary of Interest Expense Incurred (Details) - USD ($)	5 Months Ended	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2021
Interest Expense Incurred [Abstract]
Interest expense		$ 962,153
Unused fee expense		29,687
Amortization of deferred financing costs		135,006
Total interest expense	$ 0	1,126,846
Line of Credit [Member]
Interest Expense Incurred [Abstract]
Interest expense		19,792
Unused fee expense		29,687
Amortization of deferred financing costs		32,855
Total interest expense		82,334
Senior Unsecured Notes [Member]
Interest Expense Incurred [Abstract]
Interest expense		942,361
Unused fee expense		0
Amortization of deferred financing costs		102,151
Total interest expense		$ 1,044,512

COMMITMENTS AND CONTINGENCIES (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
COMMITMENTS AND CONTINGENCIES [Abstract]
Total original loan commitments	$ 419,198,125	$ 107,292,176
Less: drawn commitments	(363,659,505)	(87,467,057)
Total undrawn commitments	$ 55,538,620	$ 19,825,119

STOCKHOLDERS' EQUITY, Series A Preferred Stock (Details) - USD ($)	5 Months Ended	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2021
Preferred Stock [Abstract]
Preferred stock, shares authorized (in shares)	10,000	10,000
Preferred stock, shares issued (in shares)	125	125
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares outstanding (in shares)	125	125
Series A Preferred Stock [Member]
Preferred Stock [Abstract]
Preferred stock, shares authorized (in shares)	10,000	10,000
Preferred stock, shares issued (in shares)	125	125
Preferred stock, dividend rate	12.00%	12.00%
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, liquidation preference (in dollars per share)	1,000	1,000
Preferred stock, redemption price (in dollars per share)	$ 1,000	$ 1,000
Preferred stock, redemption amount	$ 125,000	$ 125,000
Preferred stock, shares outstanding (in shares)	125	125

STOCKHOLDERS' EQUITY, Common Stock (Details)								3 Months Ended	12 Months Ended
STOCKHOLDERS' EQUITY, Common Stock (Details)	Jan. 19, 2022 USD ($) shares	Jan. 10, 2022 USD ($) $ / shares shares	Jul. 06, 2021 USD ($) $ / shares shares	Jun. 28, 2021 USD ($) $ / shares shares	Mar. 26, 2021 USD ($) $ / shares shares	Mar. 23, 2021 USD ($) $ / shares shares	Jan. 25, 2021	Mar. 31, 2022 USD ($)	Dec. 31, 2021 USD ($) shares
Common Stock [Abstract]
Net proceeds									$ 123,909,289
IPO [Member]
Common Stock [Abstract]
Reduction of shares issued due to fractional shares based on the public offering price (in shares) \| shares									(15)
Reduction of shares outstanding due to fractional shares based on the public offering price (in shares) \| shares									(15)
Gross proceeds from offering						$ 118,750,000
Underwriting commissions						8,312,500
Expenses incurred						$ 3,093,836
IPO [Member] \| Subsequent Event [Member]
Common Stock [Abstract]
Shares issues (in shares) \| shares	3,291,832
Gross proceeds from offering	$ 67,500,000	$ 67,500,000
Over-Allotment Option [Member]
Common Stock [Abstract]
Shares issues (in shares) \| shares			269,650
Share price (in dollars per share) \| $ / shares			$ 20.50
Gross proceeds from offering			$ 5,527,825		$ 17,812,500
Underwriting commissions			304,030		$ 1,246,875
Net proceeds			$ 5,223,795
Over-Allotment Option [Member] \| Subsequent Event [Member]
Common Stock [Abstract]
Shares issues (in shares) \| shares	291,832
Underwriting commissions		3,500,000						$ 3,500,000
Expenses incurred		$ 1,000,000.0						$ 1,000,000.0
Additional Offering [Member]
Common Stock [Abstract]
Shares issues (in shares) \| shares				2,750,000
Share price (in dollars per share) \| $ / shares				$ 20.50
Gross proceeds from offering				$ 56,375,000
Underwriting commissions				3,100,625
Expenses incurred				701,989
Net proceeds				$ 52,572,386
Additional Offering [Member] \| Subsequent Event [Member]
Common Stock [Abstract]
Shares issues (in shares) \| shares		3,000,000
Share price (in dollars per share) \| $ / shares		$ 20.50
Gross proceeds from offering		$ 61,500,000
Common Stock [Member]
Common Stock [Abstract]
Stock split							7
Common Stock [Member] \| IPO [Member]
Common Stock [Abstract]
Shares issues (in shares) \| shares						6,250,000
Share price (in dollars per share) \| $ / shares						$ 19.00
Common Stock [Member] \| Over-Allotment Option [Member]
Common Stock [Abstract]
Shares issues (in shares) \| shares					937,500
Share price (in dollars per share) \| $ / shares					$ 19.00
Common Stock [Member] \| Over-Allotment Option [Member] \| Maximum [Member] \| Subsequent Event [Member]
Common Stock [Abstract]
Shares issues (in shares) \| shares		450,000

STOCKHOLDERS' EQUITY, Equity Incentive Plan (Details) - USD ($)		1 Months Ended	5 Months Ended	12 Months Ended
	Jul. 06, 2021	Jun. 30, 2021	Dec. 31, 2020	Dec. 31, 2021
Option activity of directors and officers and employees [Abstract]
Non-vested (in shares)			142,814	183,114
Vested (in shares)			800,618	1,449,518
Forfeited (in shares)			(16,534)	(28,396)
Balance (in shares)			926,898	1,604,236
Option activity of directors and officers and employees [Abstract]
Share based compensation			$ 0	$ 1,745,872
Option Activity [Abstract]
Beginning balance (in shares)			0	926,898
Granted (in shares)			943,432	689,200
Exercised (in shares)			0	0
Forfeited (in shares)			(16,534)	(11,862)
Ending balance (in shares)			926,898	1,604,236
Weighted-Average Grant Date Fair Value Per Option [Abstract]
Beginning balance (in dollars per share)			$ 0	$ 0.91
Granted (in dollars per share)			0.91	1.31
Exercised (in dollars per share)			0	0
Forfeited (in dollars per share)			0.90	1.01
Ending balance (in dollars per share)			$ 0.91	$ 1.08
Restricted Stock [Member]
Option activity of directors and officers and employees [Abstract]
Non-vested (in shares)			0	56,285
Vested (in shares)			0	0
Forfeited (in shares)			0	0
Balance (in shares)			0	56,285
2020 Plan [Member]
Equity Incentive Plan [Abstract]
Authorized (in shares)				1,632,632
Increase in share limit (in shares)			301,965
Shares issues (in shares)	2,750,000	269,650
Assumptions [Abstract]
Expected forfeiture rate				0.00%
2020 Plan [Member] \| Maximum [Member]
Equity Incentive Plan [Abstract]
Share limit (in shares)				2,401,965
Options granted expiration period				10 years
Assumptions [Abstract]
Expected volatility				50.00%
Expected dividend yield				20.00%
Risk-free interest rate				1.50%
2020 Plan [Member] \| Minimum [Member]
Assumptions [Abstract]
Expected volatility				40.00%
Expected dividend yield				10.00%
Risk-free interest rate				0.50%
2020 Plan [Member] \| Restricted Stock [Member]
Equity Incentive Plan [Abstract]
Authorized (in shares)				56,285

EARNINGS PER SHARE (Details) - USD ($)	5 Months Ended	12 Months Ended
EARNINGS PER SHARE (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2021
Earnings Per Share Reconciliation [Abstract]
Net income (loss) attributable to common stockholders	$ 4,313,632	$ 21,000,497
Divided by: [Abstract]
Basic weighted average shares of common stock outstanding (in shares)	5,694,475	13,373,778
Diluted weighted average shares of common stock outstanding (in shares)	5,694,475	13,808,845
Basic weighted average earnings per common share (in dollars per share)	$ 0.76	$ 1.57
Diluted weighted average earnings per common share (in dollars per share)	$ 0.76	$ 1.52

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (e)(4)
-URI http://asc.fasb.org/extlink&oid=123482062&loc=SL123482106-238011

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22583-107794

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22694-107794

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=125511455&loc=d3e1448-109256

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22595-107794

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22694-107794

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=125511455&loc=d3e1337-109256

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123482062&loc=SL123482106-238011

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 55
-Paragraph 52
-URI http://asc.fasb.org/extlink&oid=125512782&loc=d3e4984-109258

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

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+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

INCOME TAX (Details) - USD ($)	5 Months Ended	12 Months Ended
INCOME TAX (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2021
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Percentage of excise tax on certain transactions		100.00%
Income tax expense	$ 0	$ 35,167
United states federal excise tax expense		$ 0
Exercise tax as a percentage of undistributed ordinary income and net capital gains		4.00%
Unrecognized tax benefits		$ 0
Various State and Local [Member]
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Income tax expense		10,167
Local Taxes [Member] \| Taxable REIT [Member]
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Income tax expense		$ 25,000

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

FAIR VALUE, Fair Value Measurements of Loans Held at Fair Value (Details) - USD ($)

Dec. 31, 2021

Dec. 31, 2020

Jul. 30, 2020

Fair Value Measurements of Loans Held at Fair Value [Abstract]

Loans held at fair value

$ 77,096,319

^[1]

$ 48,558,051

^[1]

$ 43,106,551

Total

77,096,319

48,558,051

Level 1 [Member]

Fair Value Measurements of Loans Held at Fair Value [Abstract]

Loans held at fair value

Total

Level 2 [Member]

Fair Value Measurements of Loans Held at Fair Value [Abstract]

Loans held at fair value

Total

Level 3 [Member]

Fair Value Measurements of Loans Held at Fair Value [Abstract]

Loans held at fair value

77,096,319

48,558,051

Total

$ 77,096,319

$ 48,558,051

[1]	Refer to Note 14 in these annual consolidated financial statements.

FAIR VALUE, Changes in Loans Using Level 3 Inputs (Details) - USD ($)

5 Months Ended

12 Months Ended

Dec. 31, 2020

Dec. 31, 2021

Changes in Loans Using Level 3 Inputs [Abstract]

Loans held at fair value, beginning balance

$ 43,106,551

$ 48,558,051

^[1]

Change in unrealized gains (losses) on loans at fair value, net

1,563,340

619,821

Additional funding

16,360,000

37,701,104

Original issue discount and other discounts, net of costs

(1,595,199)

(1,130,623)

Loan repayments

(5,000,000)

(12,000,000)

Loan amortization payments

(1,093,659)

Accretion of original issue discount

732,729

2,249,563

PIK interest

390,630

2,192,062

Loans held at fair value, ending balance

^[1]

48,558,051

77,096,319

Level 3 [Member]

Changes in Loans Using Level 3 Inputs [Abstract]

Loans held at fair value, beginning balance

48,558,051

Change in unrealized gains (losses) on loans at fair value, net

619,821

Additional funding

37,701,104

Original issue discount and other discounts, net of costs

(1,130,623)

Loan repayments

(12,000,000)

Loan amortization payments

(1,093,659)

Accretion of original issue discount

2,249,563

PIK interest

2,192,062

Loans held at fair value, ending balance

$ 48,558,051

77,096,319

Unrealized gain on loans held at fair value

$ 1,402,411

[1]	Refer to Note 14 in these annual consolidated financial statements.

FAIR VALUE, Significant Unobservable Inputs (Details) - Level 3 [Member]	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Fair Value [Abstract]
Total Investments	$ 77,096,319	$ 48,558,051
Senior Term Loans [Member]
Fair Value [Abstract]
Total Investments	$ 77,096,319	$ 48,558,051
Senior Term Loans [Member] \| Yield Analysis [Member] \| Market Yield [Member] \| Maximum [Member]
Estimated Range and Weighted Average [Abstract]
Investment measurement input	0.2096	0.2075
Senior Term Loans [Member] \| Yield Analysis [Member] \| Market Yield [Member] \| Minimum [Member]
Estimated Range and Weighted Average [Abstract]
Investment measurement input	0.1771	0.1579
Senior Term Loans [Member] \| Yield Analysis [Member] \| Market Yield [Member] \| Weighted Average [Member]
Estimated Range and Weighted Average [Abstract]
Investment measurement input	0.1822	0.2020

FAIR VALUE, Debt Securities Held at Fair Value (Details)

12 Months Ended

Dec. 31, 2021

USD ($)

DebtSecurities

Dec. 31, 2020

USD ($)

DebtSecurities

Debt securities held at fair value [Abstract]

Number of investment in debt securities held at fair value | DebtSecurities

Total debt securities held at fair value

$ 15,881,250

$ 0

Total debt securities held at fair value, at carrying value

16,050,000

^[1]

Total debt securities held at fair value, outstanding principal

$ 15,000,000

^[1]

$ 0

Total debt securities held at fair value, weighted average remaining life (Years)

^[2]

2 years 10 months 24 days

Debt Securities [Member]

Debt securities held at fair value [Abstract]

Total debt securities held at fair value

$ 15,881,250

Total debt securities held at fair value, at carrying value

^[1]

16,050,000

Total debt securities held at fair value, outstanding principal

^[1]

$ 15,000,000

Total debt securities held at fair value, weighted average remaining life (Years)

^[2]

2 years 10 months 24 days

[1]	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted purchase premium and loan origination costs.
[2]	Weighted average remaining life is calculated based on the fair value of the loans as of December 31, 2021.

FAIR VALUE, Changes in Loans Held at Fair Value (Details)

12 Months Ended

Dec. 31, 2021

USD ($)

Debt Securities Held at Fair Value, Outstanding Principal [Roll Forward]

Total debt securities held at fair value, beginning balance

$ 0

Change in unrealized gains / (losses) on securities at fair value, net

New fundings

15,000,000

Loan repayments

Total debt securities held at fair value, ending balance

15,000,000

^[1]

Debt Securities Held at Fair Value, Original Issue Discount [Roll Forward]

Debt securities held at fair value, original issue discount, beginning balance

Change in unrealized gains (losses) on loans at fair value, net

New fundings

1,050,000

Loan repayments

Debt securities held at fair value, original issue discount, ending balance

1,050,000

Debt Securities Held at Fair Value, Unrealized Gains (Losses) [Roll Forward]

Debt securities held at fair value, unrealized gains / (losses), beginning balance

Change in unrealized gains / (losses) on securities at fair value, net

(168,750)

New fundings

Loan repayments

Debt securities held at fair value, unrealized gains / (losses), ending balance

(168,750)

Debt Securities Held at Fair Value [Roll Forward]

Debt securities held at fair value, beginning balance

Change in unrealized gains / (losses) on securities at fair value, net

(168,750)

New fundings

16,050,000

Loan repayments

Debt securities held at fair value, ending balance

$ 15,881,250

[1]	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted purchase premium and loan origination costs.

FAIR VALUE, Fair Value Measurements of Debt Securities Held at Fair Value (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Fair Value Measurements of Debt Securities Held at Fair Value [Abstract]
Debt securities held at fair value	$ 15,881,250
Total debt securities held at fair value	15,881,250	$ 0
Level 1 [Member]
Fair Value Measurements of Debt Securities Held at Fair Value [Abstract]
Debt securities held at fair value	0
Total debt securities held at fair value	0
Level 2 [Member]
Fair Value Measurements of Debt Securities Held at Fair Value [Abstract]
Debt securities held at fair value	15,881,250
Total debt securities held at fair value	15,881,250
Level 3 [Member]
Fair Value Measurements of Debt Securities Held at Fair Value [Abstract]
Debt securities held at fair value	0
Total debt securities held at fair value	$ 0

FAIR VALUE, Book Value and Fair Value of Financial Instruments (Details) - USD ($)

Dec. 31, 2021

Dec. 31, 2020

Jul. 30, 2020

Carrying Value [Abstract]

Cash and cash equivalents

$ 109,246,048

$ 9,623,820

Loans held for investment at carrying value, net

257,163,496

^[1]

31,837,031

^[1]

$ 0

Loan receivable at carrying value, net

2,530,588

$ 3,348,263

Fair Value [Abstract]

Cash and cash equivalents, at fair value

109,246,048

Loans held for investment at fair value

260,930,143

Loan receivable at carrying value

$ 2,475,001

[1]	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted OID, PIK and loan origination costs.

RELATED PARTY TRANSACTIONS, Management Agreement (Details) - USD ($)	5 Months Ended	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2021
Affiliate Costs [Abstract]
Management fees earned	$ 623,361	$ 3,340,123
Less outside fees earned	(259,167)	(1,029,315)
Base management fees, net	364,194	2,310,808
Incentive fees earned	0	6,010,704
General and administrative expenses reimbursable to Manager	671,605	2,319,074
Affiliate costs	$ 1,035,799	$ 10,640,586
Managers [Member]
Management Agreement [Abstract]
Percentage of base management fees	0.4375%	0.375%
Frequency of management fees payment	quarterly	quarterly
Percentage of aggregate amount of any outside fees	100.00%	50.00%
Affiliate Costs [Abstract]
Amounts payable	$ 728,298	$ 4,147,501

RELATED PARTY TRANSACTIONS, Investments in Loans (Details) $ in Millions	5 Months Ended	9 Months Ended	12 Months Ended
	Dec. 31, 2020 USD ($)	Sep. 30, 2021 USD ($)	Dec. 31, 2021 USD ($) Loan
Investments in Loans [Abstract]
Number of co-invested loans held \| Loan			4
Sale of assigned rights	$ 1.6		$ 2.3
Public Company A [Member]
Investments in Loans [Abstract]
Principal amount		$ 20.0
Private Company A [Member] \| FLH [Member]
Investments in Loans [Abstract]
Principal amount		8.5
Purchase price		$ 8.5

- Definition

Carrying amount as of the balance sheet date of obligations due all related parties.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
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+ Details

DIVIDENDS AND DISTRIBUTIONS (Details) - $ / shares	3 Months Ended				5 Months Ended	12 Months Ended
DIVIDENDS AND DISTRIBUTIONS (Details) - $ / shares	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Dec. 31, 2021
Dividends Declared and Paid [Abstract]
Common share distribution amount (in dollars per share)					$ 0.61	$ 1.67
Taxable ordinary income (in dollars per share)						1.67
Return of capital (in dollars per share)						0
Section 199A dividends (in dollars per share)						$ 1.67
Regular Cash Dividend [Member]
Dividends Declared and Paid [Abstract]
Record date	Dec. 31, 2021	Sep. 30, 2021	Jun. 15, 2021	Mar. 15, 2021
Payment date	Jan. 14, 2022	Oct. 15, 2021	Jun. 30, 2021	Mar. 31, 2021
Common share distribution amount (in dollars per share)	$ 0.50	$ 0.43	$ 0.38	$ 0.36
Taxable ordinary income (in dollars per share)	0.50	0.43	0.38	0.36
Return of capital (in dollars per share)	0	0	0	0
Section 199A dividends (in dollars per share)	$ 0.50	$ 0.43	$ 0.38	$ 0.36

SUBSEQUENT EVENTS (Details)

1 Months Ended

3 Months Ended

5 Months Ended

12 Months Ended

Mar. 10, 2022

USD ($)

Borrower

Investment

Jan. 19, 2022

USD ($)

Jan. 10, 2022

USD ($)

$ / shares

Jan. 03, 2022

USD ($)

Dec. 30, 2021

USD ($)

Jul. 06, 2021

USD ($)

$ / shares

Jun. 28, 2021

USD ($)

$ / shares

Mar. 26, 2021

USD ($)

$ / shares

Mar. 23, 2021

USD ($)

$ / shares

Feb. 28, 2022

USD ($)

Mar. 31, 2022

USD ($)

$ / shares

Dec. 31, 2021

USD ($)

$ / shares

Sep. 30, 2021

$ / shares

Jun. 30, 2021

$ / shares

Mar. 31, 2021

$ / shares

Dec. 31, 2020

USD ($)

$ / shares

Dec. 31, 2021

USD ($)

$ / shares

Jul. 30, 2020

USD ($)

Subsequent Event [Abstract]

Loan commitments

$ 419,198,125

$ 107,292,176

$ 419,198,125

Proceeds from lines of credit

75,000,000

Outstanding principal

$ 270,841,715

^[1]

$ 33,907,763

^[1]

$ 270,841,715

^[1]

$ 0

Dividends declared and paid on common shares (in dollars per share) | $ / shares

$ 0.61

$ 1.67

Payments of Dividends

$ 3,694,853

$ 14,389,688

Regular Cash Dividend [Member]

Subsequent Event [Abstract]

Record date

Dec. 31, 2021

Sep. 30, 2021

Jun. 15, 2021

Mar. 15, 2021

Payment date

Jan. 14, 2022

Oct. 15, 2021

Jun. 30, 2021

Mar. 31, 2021

Dividends declared and paid on common shares (in dollars per share) | $ / shares

$ 0.50

$ 0.43

$ 0.38

$ 0.36

Private Co. E [Member]

Subsequent Event [Abstract]

Maturity date

Apr. 01, 2026

Revolving Credit Agreement [Member]

Subsequent Event [Abstract]

Proceeds from lines of credit

$ 75,000,000.0

IPO [Member]

Subsequent Event [Abstract]

Gross proceeds from offering

$ 118,750,000

Underwriting commissions

8,312,500

Expenses incurred

$ 3,093,836

Over-Allotment Option [Member]

Subsequent Event [Abstract]

Shares issues (in shares) | shares

269,650

Share price (in dollars per share) | $ / shares

$ 20.50

Gross proceeds from offering

$ 5,527,825

$ 17,812,500

Underwriting commissions

$ 304,030

$ 1,246,875

Additional Offering [Member]

Subsequent Event [Abstract]

Shares issues (in shares) | shares

2,750,000

Share price (in dollars per share) | $ / shares

$ 20.50

Gross proceeds from offering

$ 56,375,000

Underwriting commissions

3,100,625

Expenses incurred

$ 701,989

Common Stock [Member] | IPO [Member]

Subsequent Event [Abstract]

Shares issues (in shares) | shares

6,250,000

Share price (in dollars per share) | $ / shares

$ 19.00

Common Stock [Member] | Over-Allotment Option [Member]

Subsequent Event [Abstract]

Shares issues (in shares) | shares

937,500

Share price (in dollars per share) | $ / shares

$ 19.00

Subsequent Event [Member]

Subsequent Event [Abstract]

Commitments increased to number of borrowers | Borrower

Loan commitments

$ 46,900,000

Loan commitments funded

$ 49,400,000

Number of investment in debt securities sold | Investment

Investment in debt securities sold value

$ 15,000,000.0

Subsequent Event [Member] | Regular Cash Dividend [Member]

Subsequent Event [Abstract]

Record date

Mar. 31, 2022

Payment date

Apr. 15, 2022

Dividends declared and paid on common shares (in dollars per share) | $ / shares

$ 0.55

Payments of Dividends

$ 10,900,000

Subsequent Event [Member] | Private Co. E [Member]

Subsequent Event [Abstract]

Proceeds from sale of debt securities

20,000,000.0

Proceeds from repayment of loan

$ 20,000,000.0

Prepayment premium

1,300,000

Subsequent Event [Member] | Private Co. A [Member]

Subsequent Event [Abstract]

Additional loan facility

15,300,000

Outstanding principal

77,800,000

Additional expansion syndicated loan facility

1,000,000.0

Subsequent Event [Member] | Public Co. F [Member]

Subsequent Event [Abstract]

Loan commitments

100,000,000

Subsequent Event [Member] | Public Co. F [Member] | AFC Gamma, Inc. [Member]

Subsequent Event [Abstract]

Loan commitments

26,600,000

Subsequent Event [Member] | Public Co. F [Member] | FLH [Member]

Subsequent Event [Abstract]

Loan commitments

15,000,000.0

Subsequent Event [Member] | Private Co. B [Member]

Subsequent Event [Abstract]

Additional loan facility

5,000,000.0

Outstanding principal

$ 15,500,000

Subsequent Event [Member] | Private Co. G [Member]

Subsequent Event [Abstract]

Investment in debt securities sold value

$ 15,000,000.0

Investment in debt securities sold, percentage

106.00%

Loss on debt securities

$ 200,000

Subsequent Event [Member] | Revolving Credit Agreement [Member]

Subsequent Event [Abstract]

Repayments of lines of credit

$ 75,000,000.0

Subsequent Event [Member] | IPO [Member]

Subsequent Event [Abstract]

Shares issues (in shares) | shares

3,291,832

Gross proceeds from offering

$ 67,500,000

Subsequent Event [Member] | Over-Allotment Option [Member]

Subsequent Event [Abstract]

Shares issues (in shares) | shares

291,832

Underwriting commissions

3,500,000

Expenses incurred

$ 1,000,000.0

Subsequent Event [Member] | Additional Offering [Member]

Subsequent Event [Abstract]

Shares issues (in shares) | shares

3,000,000

Share price (in dollars per share) | $ / shares

$ 20.50

Gross proceeds from offering

$ 61,500,000

Subsequent Event [Member] | Common Stock [Member] | Over-Allotment Option [Member] | Maximum [Member]

Subsequent Event [Abstract]

Shares issues (in shares) | shares

450,000

[1]	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted OID, PIK and loan origination costs.